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Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Ferrari recalling 85 LaFerraris under two separate campaigns [UPDATE]

Of the recalls we see on a regular basis, million-dollar exotic supercars don't often pop up. But that's exactly what we have on our hands today as Ferrari North America and the National Highway Traffic Safety Administration have issued a pair of recalls for all 85 examples of the flagship LaFerrari hybrid hypercar in the United States. The first of the recall campaigns revolves around the headrests, which "may not absorb the required amount of energy" and therefore fail to comply with the federal safety requirements. The issue involves the larger L32 seat supplied by Lear, fitted as standard for the passenger and optional for the driver's seat. Addressing the issue will require dealers to replace the headrests. The second recall involves the Tire Pressure Monitoring System, which – in the event of a puncture – will display the wrong message. Instead of telling the driver not to proceed on the punctured tire, as apparently required under federal regulations, the system would (as currently programmed) tell the driver to keep driving, but not above 50 miles per hour. Ferrari dealers will need to update the software to fix the problem. These recalls do not represent the first time Ferrari has called in the hybrid hypercar over a potential safety issue. This past March, owners were offered the opportunity to have the fuel tanks replaced. However, unlike these latest campaigns that are being handled in coordination with the NHTSA, Ferrari insisted that the previous fuel tank issue did not constitute a recall. UPDATE: Ferrari North America confirms that no accidents or injuries have been reported to have resulted from either of these issues, which will be addressed in other markets as well - including Canada, where a further 11 units are affected. In order to fix the seat issue, "a small insert will be added to the back of the (large size only) seat headrest." Rectifying both issues "will take approximately an hour of service." Related Video: RECALL Subject : Headrest Impact Energy Absorbtion/FMVSS 202a Report Receipt Date: MAY 22, 2015 NHTSA Campaign Number: 15V305000 Component(s): SEATS Potential Number of Units Affected: 85 Manufacturer: Ferrari North America, Inc. SUMMARY: Ferrari North America, Inc. (FNA) is recalling certain model year 2014-2015 LaFerrari vehicles manufactured May 15, 2014, to March 4, 2015. The affected vehicles have L32 seats as standard equipment for the passenger seat and as optional equipment for the driver seat.

Race Recap: Canadian F1 Grand Prix is one story with a thousand dramas

There were rain and wind and sun, sometimes all at once. There was the Wall of Champions. There was nothing happening in first place and nothing happening back in sixth during the race, but everywhere else - from the time the weekend began - it was surprises, passes, spins, more passing, flying carbon fiber and finally a couple more last-minute surprises. The Canadian Formula One Grand Prix was a proper race for all the right reasons... well, except for the part where the crowd booed the winner.