Ferrari IPO Plan Is Days Away, Exec Says

DETROIT (Detroit Free Press/TNS) -

Fiat Chrysler Automobiles CEO Sergio Marchionne said Friday that the automaker is days away from filing its prospectus for a public stock offering for at least 10 percent of Ferrari’s shares.

Marchionne first announced the company’s intention to spin Ferrari off into a separate company last year, and he has said he expects the IPO to be completed by the end of this year.

Friday was the first time Marchionne disclosed the timing of the prospectus, which is typically a detailed document spanning hundreds of pages that provides a snapshot of the company’s financial performance and business. The document is intended to give potential investors a way to evaluate the company.

“We are days away from filing the prospectus,” Marchionne told reporters Friday after a panel discussion at the Toronto Global Forum that was broadcast by Canada’s Business News Network.

On Thursday, Fiat Chrysler said Ferrari’s tax residence will not change following the IPO even though the company will be incorporated in the Netherlands and officially headquartered in London.

Ferrari, a manufacturer of exotic sports cars, is located in Maranello, Italy. All of its business and manufacturing operations are located in the central Italian town of about 17,000.