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Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video:

2018 Ferrari Portofino First Drive Review | Forget all about the California

It's about 9,500 miles between the Golden State and a swanky former fishing village on the Italian Riviera known as Portofino, where pastel-painted cottages mix it with celebs and super yachts. For Ferrari, however, it's a gap of 10 years between the launch of the California, its first front-engined V8 sports car and this, the Mk. II version, the Ferrari Portofino. "California is such an iconic name," says Nicola Boari, head of Ferrari product marketing. "Trying to stay close wasn't a good thing. Portofino is discreet, it's not as splashy as Monte Carlo." The California was aimed at a new breed of Ferrari customer: younger, with a family, women. In one sense it's done that job well, in another it's failed. Boari admits with a shrug that not many women have actually bought a California, but for a car launched just as Lehmann Brothers was gasping its last, the car has attracted a new sort of customer just the same and attracted 35 percent of Ferrari's total sales. Last year, that numbered 8,398 vehicles. "Same sex, but a different type of customer," says Boari, adding that California customers use their cars 150-percent more than typical Ferrari sports car owners, tend to use their cars every day and 30 percent of them even use the tiny rear seats. "We had to learn new things," he admits. A lot of those "new things" have been crammed into this car, which goes on sale this August in the United States priced at $229,551. The basic premise remains the same: a 3.8-liter, twin-turbo V8 driving the rear wheels via a seven-speed, dual-clutch transmission and an electronically controlled limited-slip differential in a rear-mounted transaxle. That's 592 horsepower at 7,500 rpm and 560 pound-feet of torque at 3,000 rpm. The torque "curve" continues on from there with a profile resembling a pool table. It's good for 199 mph, 0-62 mph in 3.5 seconds, 0-124 mph in 10.8 seconds and gas mileage in the European test cycle of 31.7 mpg - this is no ordinary family vehicle. The 2+2 Pinifarina-designed aluminium body has been completely redesigned, but retains the same basic dimensions as the outgoing California. Dealers reported that the size was just about right, so the Portofino has grown by only 0.62 inch in length and 1.1 inches in width. It's lighter by 176.4 pounds, thanks mainly to a lighter body construction and interior, and stiffer thanks to more integral parts and aluminum pans under the floors.

Ferrari gives employees record $5,600 bonus on strong year

Ferrari has got to be a great place to work. In fact, it's named as one of the best places to work in Europe year after year. Add to that the pride of making some of the coolest cars in the business, running one of the winningest teams in all of motorsports (even if the Scuderia isn't doing so well thus far this season) and all around standing for the best Italy has to offer, and you've got the makings of a dream job. And it just got a bit sweeter.
That's because Ferrari has just awarded each and every one of its employees a bonus of 4,096 euros - the most the company has ever paid. That's equivalent to over $5,600 at today's exchange rates, and represents a whopping 20 percent of the annual salary for a recently hired young employee. Following two advances of 1,000 euros each, that means employees will find an extra 2,096 euros in their pay checks this month, which may not be enough to buy a new California T or 458 Speciale, but should finance a nice shopping spree of t-shirts and paperweights at the Ferrari Store or a family vacation to Ferrari World in Abu Dhabi.
The bonuses are part of a deal signed with the union in 2012, but are enabled by record profits reported by the company over the last couple of years. After 2012 emerged as Ferrari's most profitable fiscal year, it moved to reduce production, thereby increasing the value of each new car it sells to drive profits up even higher. Nice work, in short, if you can get it.