Ferrari might be the car all people — even the strident non-gearheads — would love to be able to take out for a spin. Executives at the Italian automaker will be taking their company out for a spin next year, it was announced today, as Fiat Chrysler is spinning the brand off into an independent company.
Ferrari will also IPO, with a 10% stake in the company hitting the markets. The remaining 90% will be distributed among FCA shareholders, according to Reuters. Ferrari will likely list in both New York and on a European exchange. The spinoff and IPO is part of Fiat Chrysler’s attempt to grow by 48-billion euro ($61 billion).
“As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari,” FCA Chief Executive Sergio Marchionne said in a statement.
Marchionne also told analysts on a conference call Wednesday he had no plans to increase the float in Ferrari beyond the planned 10%. He also said Fiat Chrysler has no intention to list stakes in Maserati, Alfa Romeo or any other of its brands.
Marchionne, who took over as the chairman of Ferrari earlier this month, added that he would keep his role at the luxury unit even after spinning it off from the group.
Fiat Chrysler Automobiles made its Wall Street debut earlier this month, shifting the carmaker’s center of gravity away from Italy and capping a decade of canny dealmaking and tough restructuring by Marchionne.
The world’s seventh-largest auto group has sought the U.S. listing to help to establish itself as a leading global player through access to the world’s biggest equity market and the cheaper, more reliable source of funding it ultimately offers.
—Reuters contributed to this report.