Mexican Media Brands
Ferrari’s Limited IPO Is Oversubscribed
Demand for the 10% of Ferrari SpA being publicly offered by Fiat Chrysler Automobiles NV far outstrips the shares available, sources tell Bloomberg News.
#economics
Share
Demand for the 10% of Ferrari SpA being publicly offered by Fiat Chrysler Automobiles NV far outstrips the shares available, sources tell Bloomberg News.
The books on the initial public offering will close Monday afternoon. A final price for the shares will be set late Tuesday, and trading will begin on Wednesday, according to Bloomberg’s sources. FCA plans to distribute the balance of Ferrari shares to its own investors in early 2016 as it spins off the iconic supercar maker.
FCA indicated in a U.S. regulatory filing earlier this month that it aims to sell about 18.9 million shares at $48-$52 (€42-€46) each. The IPO is expected to generate at least $4 billion (€3.5 billion).
FCA intends to use the funds to reduce debt and help bankroll an ambitious product development plan intended to boost sales.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
Is The V8 Dead?
Tougher fuel economy standards may be the end of most V8s.