Ferrari hopes to be worth about 2.5 billion euros – twice its estimated sales – as it launches an initial public offering this autumn, people familiar with the listing told the Financial Times (FT).
Troubled Fiat announcd last week that it would sell around 40% of Ferrari to reduce debt and partly counter massive losses at Fiat Auto, the newspaper said.
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October could be the time for the IPO if the US economy remained stable, a source told the FT.
The Financial Times said Fiat could raise 700 million to 800 million euros from the offering while Ferrari could raise another 300 million or so more through selling new shares.
The cash would be used to market Maserati and in hotel and entertainment centre joint ventures based on the brand and its Formula One racing success, the newspaper added.
Bankers are hoping Ferrari will be worth double estimated revenues for this year, a multiple far higher than that of Porsche, the nearest comparison, analysts told the Financial Times.
