Fiat Chrysler Automobiles N.V. and its subsidiary Ferrari N.V. have announced the pricing of Ferrari’s initial public offering of 17,175,000 common shares at an offering price of $52 per share.
This makes for a total offering size of $893.1 million. The shares are expected to begin trading on the New York Stock Exchange on Wednesday, Oct. 21, under the symbol “RACE,” and closing of the offering is expected to occur on Oct. 26. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA.
The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016.
UBS Investment Bank is acting as global coordinator for the offering. UBS Investment Bank and BofA Merrill Lynch are serving as bookrunners and representatives of the underwriters for the offering. Allen & Co. LLC, Banco Santander, BNP Paribas, J.P. Morgan and Mediobanca are also acting as bookrunners for the offering.
A registration statement has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.
