Ferrari, the Italian luxury sports car manufacturer spun out of Fiat Chrysler, announced terms for its IPO on Friday. The company also changed its proposed ticker from FRRI to RACE.
The Maranello, Italy-based company plans to raise $859 million by offering 17.2 million shares at a price range of $48 to $52. At the midpoint of the proposed range, Ferrari would command a fully diluted market value of $9.4 billion and an enterprise value of $11.5 billion.
Ferrari, which was founded in 2004 and booked $2.8 billion in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol RACE. UBS Investment Bank, BofA Merrill Lynch, Allen & Company, Banco Santander, BNP Paribas, J.P. Morgan and Mediobanca are the joint bookrunners on the deal. It is expected to price during the week of October 19, 2015.
