Ferrari valued at US$9.8b as parent sells 10% stake in US IPO

Milan

ITALIAN luxury carmaker Ferrari expects its US initial public offering to be priced in a range of between US$48 and US$52 per share, which could value the company at up to US$9.8 billion, it said.

Parent Fiat Chrysler Automobiles (FCA) will sell up to 10 per cent of Ferrari in the IPO and will use proceeds to help pay for its own ambitious turnaround plan to boost global sales to seven million cars by 2018, and compete with rivals such as BMW and Volkswagen.