Ferrari (RACE) Prices 17.2M Common Stock IPO at $52/share, Top of Expected Range

Ferrari (NYSE: RACE) is said to price IPO at $52 per share, according to Reuters.

Notably, Ferrari previously said it would offer 17,175,000 shares and expected a pricing range of $48 to $52 per common share.

This offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to transfer its remaining approximately 80 percent interest in us to FCA shareholders.

The IPO is expected to debut on the NYSE Wednesday under the symbol "RACE."

The offering is being brought by UBS Investment Bank, BofA Merrill Lynch, Allen & Company, Banco Santander, BNP PARIBAS, J.P. Morgan, and Mediobanca.

In 2014, Ferrari shipped 7,255 cars, and recorded net revenues of EUR2,762 million, net profit of EUR265 million, adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) of EUR693 million and earnings before interest and taxes (EBIT) of EUR389 million.

For more color on the IPO, click here.

You May Also Be Interested In

• Sanofi (SNY) Said To Ask Banks To Pitch For Role On $20B OTC Spinoff - Bloomberg
• Visa (V) earnings and revenue exceed estimates in Q2, shares rise
• BofA says there is a continued strength in buybacks