Business, 06.03.2020 23:15 lesheaux

In an effort to raise funds to cut debt, Fiat Chrysler is selling a stake in Ferrari through an initial public offering (IPO) to be valued at as much as $9.8 billion. 17.2 million shares of stock in the company are to be sold, and the stock will be traded on the New York Stock Exchange under the symbol RACE. One analyst speculates that requests for shares in Ferrari may be ten times less than the number available. Including debt, Ferrari will have a value of about $12 billion, and chairman Piero Ferrari will keep a 10 percent stake in the new company and receive about €280 million in cash. Before taxes and interest, Ferrari's 2014 earnings were €389 million, with revenue of €2.8 billion. Source: Tommaso Ebhardt, "Ferrari to Be Valued at Up to $9.82 Billion in IPO," Bloomberg, October 9, 2015.When Ferrari sells stock to the public in its IPO, it will do so through the New York Stock Exchange. People who buy the shares willbe promised to be repaid their investment plus interest. do so in the indirect finance market.

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