More details have emerged on Fiat Chrysler’s planned sale of Ferrari, with the initial product offering scheduled to open sometime in the fourth quarter of this year, according to a recent Securities and Exchange Commissions filing.
Ferrari shares will be sold under the ‘Ferrari N.V.’ name, the ‘N.V.’ part standing for New Business Netherlands, a subsidiary Fiat Chrysler created when it first decided to spin the supercar manufacturer off into a separate entity. As was previously reported, Fiat Chrysler will keep around 80 percent of its Ferrari shares following the IPO, offering 10 percent up for public purchase and leaving the remaining 10 percent to Piero Ferrari.
Eventually, Fiat Chrysler will rid itself of additional 56 percent of Ferrari shares, leaving Italian investment company Exor with the remaining 24 percent. Wall Street analysts predict Ferrari’s worth at $5.5 to $11 billion, however Fiat Chrysler CEO Sergio Marchionne believes the automaker’s total value may be even higher.