Ferrari has announced that they are going public with an IPO - on the NYSE, not in Europe:
http://ift.tt/1GHmOpJ
What I find interesting is the concept of an IPO intended to raise funds valued at less than half of their reported annual F1 competition budget.
Reports I've seen say 2013 revenue was over $3B, with earnings at just over 11% - and they had $1.3B cash in the bank. How do those numbers work? Why would they need $100M to fund a split from Fiat? :confused:
http://ift.tt/1GHmOpL
http://ift.tt/1GHmOpJ
Quote:
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Italian luxury sportscar maker Ferrari filed with U.S. regulators for an initial public offering of its common stock. The company is being spun off from Fiat Chrysler Automobiles. UBS Investment Bank, BofA Merrill Lynch and Santander are underwriting the IPO, the company said in a filing with the U.S. Securities and Exchange Commission on Thursday.[...] Ferrari intends to list its common stock on the New York Stock Exchange. The company set a nominal fundraising target of $100 million. |
What I find interesting is the concept of an IPO intended to raise funds valued at less than half of their reported annual F1 competition budget.
Reports I've seen say 2013 revenue was over $3B, with earnings at just over 11% - and they had $1.3B cash in the bank. How do those numbers work? Why would they need $100M to fund a split from Fiat? :confused:
http://ift.tt/1GHmOpL
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