The flotation of luxury car maker Ferrari sped off the starting grid with a throaty roar this morning, as Fiat Chrysler, its parent company, announced the launch of its IPO.
The company, which owns 90 per cent of Ferrari, said it will sell a nine per cent stake in the company at somewhere between $48 and $52 per share, it said in a filing with the US Securities and Exchange Commission (SEC). That will raise as much as $893m, valuing the carmaker at just under $10bn.
Shares will begin trading on 20 October on the New York Stock Exchange under the ticker "RACE".
The company's board will now spend the next few days on a road trip of their own, courting potential investors in New York, Baltimore, Boston, London and at Enzo Ferrari's race track in Maranello, in Modena, the FT reported yesterday.
But the company faces volatility as Volkswagen's emissions cheating scandal continues to hit car makers across Europe. Today the German manufacturer began recalls of cars affected by the scandal, with almost 2,000 cars in the country expected to be affected.
The manufacturer has said 11 million of its vehicles are likely to be affected worldwide, with the fallout from the scandal also affecting other European manufacturers, including Audi and Skoda.
Today VW UK boss Paul Willis is expected to be grilled by MPs over the scandal.