About to IPO Ferrari plans to ramp up annual production by 30% to 9,000 vehicles by 2019. The planned output rise was contained in a regulatory filing ahead of Ferrari's planned IPO on the New York Stock Exchange later this month.
The company said in the filing it reached this decision in response to "growing demand in emerging markets and from demographic changes as the size and spending capacity of our target client grows."
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Ferrari said it will "maintain a reputation of exclusivity and scarcity among purchasers of our cars and deliberately monitor and maintain our production volumes and delivery wait times to promote this reputation." However, a 7,000-unit annual ceiling for Ferrari was supposedly set by former boss Luca di Montezemolo as a way to maintain Ferrari’s exclusivity.
Ferrari has said it will float 17.2m shares at $48-$52, which could raise around $1bn. The offering is around 10% of the company. The Ferrari family owns 10%, with Fiat Chrysler owning the remaining 80%.
Fiat has announced that it will distribute the remaining 80% to shareholders early next year.
The IPO is planned for later this month.
