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Milan stock exchange set to be Ferrari's next stop

[ROME] Legendary carmaker Ferrari said on Monday it was seeking a share listing on the Milan stock exchange, a month after roaring onto Wall Street.

The nine per cent of shares in Ferrari placed by the Fiat Chrysler Automobiles (FCA) in October will be quoted in both New York and Milan once the Italian listing goes ahead, it said.

The Wall Street sale on October 21 valued Ferrari at US$10.6 billion.

Fiat Chrysler owned 90 per cent of Ferrari before that flotation.

With a heavy debt level and a plan to invest US$48 billion to expand its total worldwide sales to seven million vehicles per year, Fiat Chrysler hopes to strengthen its finances by eventually spinning off more of the sports car maker.