Ferrari files for US stock exchange

Italian supercar creator Ferrari has applied to list its shares on the New York Stock Exchange. It will have a value of ‘at least’ €10bn (£7.1bn) when it is floated, according to Sergio Marchionne, chief executive of Fiat Chrysler, the luxury marque’s owner.

Ferrari intends to list its common stock with a fundraising target of $100m.

The chief executive and architect behind the plan, said last year that Fiat Chrysler would list a 10% stake in Ferrari and distribute the remaining shares to Fiat Chrysler shareholders. Piero Ferrari, son of founder Enzo, former also has a 10% stake and aims to hold on to his shares. Founder Enzo Ferrari was a former Alfa Romeo race car driver and started Ferrari in 1939, and produced its first car, the 125 S, in 1947.

The money raised will help Fiat Chrysler to fund a big investment in new models. The company plans to sell 7m cars a year by 2018.