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Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.

1962 Ferrari 250 GTO with $45M estimate most expensive car offered at auction

Not long after a 1963 Ferrari 250 GTO was sold for a staggering $70 million, another is coming up for sale. At RM Sotheby's Monterey sale in late August, a 1962 250 GTO carries a pre-auction estimate of more than $45 million. Reportedly all original 250 GTOs built between 1962 and 1964 have survived, and they are all worth serious money. This 250 GTO, chassis number 3413GT, started its life as a works car tested by American racer Phil Hill at the 1962 Targa Florio road race. The third one built in a 36-unit production run, the car won numerous races in the hands of its first private owner, Edoardo Lualdi-Gabardi, who won the Italian National GT championship with it. Later on, Gianni Bulgari of Bulgari jewelry fame continued to race the car, and miraculously it was never crashed, nor did it have to discontinue a race. Despite that, 3413GT received a new, Series II specification body by Carrozzeria Scaglietti in 1964. The Ferrari was last sold in 2000 for an already respectable $7 million, and it wasn't stowed away for two decades: it's been seen at countless classic events and vintage races. RM Sotheby's says the car has been maintained in "highly original" condition, and it will be interesting to see how it performs at the auction, compared to a previous 250 GTO auction record of $38 million in 2014. At the very least, 3413GT's estimate makes it the most valuable car ever put up for auction. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 1962 Ferrari 250 GTO auction Image Credit: RM Sotheby's Ferrari Auctions Car Buying Racing Vehicles Performance Classics RM Sotheby's ferrari 250 gto 1962 ferrari 250 gto ferrari auction

Ferrari Lusso ownership will add some time to your morning commute

If you've ever driven a vintage vehicle on a regular basis, you know the process from getting from point A to point B is a bit more convoluted than simply hopping in and going. There are rituals to observe, checklists to run through and processes to address before ever touching the ignition. Neglect any one of a number of small tasks and you're likely to find yourself on the side of the road. James Chen, the owner of Axis Wheels, knows all about that. You see, he owns a gorgeous Ferrari Lusso, and coaxing the V12 under the hood to life requires a certain amount of procedure.
Once it's rolling, of course, all that premeditation seems entirely worth the effort. Chen does his best to keep the machine out of traffic, but refuses to keep the coupe sealed away in a museum, so he gets up early and takes to the canyon roads around LA before anyone else is awake. Atta boy.
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