Ferrari parent company files initial public offering to list shares on NYSE

MILAN – Ferrari’s parent company has filed an initial public offering to list shares of the luxury sports car brand on the New York Stock Exchange.

Parent company Fiat Chrysler Automobiles said in a statement on Thursday that it has filed paperwork with the U.S. Securities and Exchange Commission, proposing an IPO of 10 per cent of Ferrari’s shares.

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Fiat Chrysler CEO Sergio Marchionne has said the public offer will be made in the fourth quarter, a slight delay from earlier projections of the first half of the year due to tax considerations.

The move unlocks the luxury brand’s value and distinguishes it from its mass-market parent, while raising cash to support the newly merged carmaker’s plans to invest 48 billion euros ($61 billion) over five years.