Ferrari Files For IPO, Aims To Raise $10 Billion

Jul 25, 2015 06:10 PM EDT | John Nassivera


Ferrari filed for an IPO on Thursday as part of its plan to completely separate itself from parent company Fiat Chrysler.

Documents filed with the U.S. Securities and Exchange Commission states that the IPO, code-named "Project Owl," is expected by early 2016, according to CNN Money.

The move comes ahead of the Italian sportscar maker's expected debut in the New York stock market.

The goal for Ferrari will be to raise $10 billion, Business Insider reported. The company, currently going by "New Business Netherlands NV" in the SEC database, will be renamed "Farrari" closer to the public sale of stock.

Fiat Chrysler, which also owns the Maserati, Jeep and Dodge brands, said the move will put up to 10 percent of Ferrari's shares up for grabs, but it didn't say how many shares will be available or how much they would cost. 

Ferrari usually makes sure that demand is greater than supply by producing 7,000 vehicles a year, which has made the automaker one of the most valuable ones in the world, CNN Money reported. Some customers wait years to receive their new car, and the company has recently set out to make sure the waiting list stays stable, delivering 7,255 cars in 2014.

Piero Ferrari, son of Ferrari founder Enzo Ferrari, is expected to keep his 10 percent stake in the company after the IPO takes effect. 

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