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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.

Model waves checkered flag too soon at F1's Canadian Grand Prix

MONTREAL — Formula One said on Sunday it will review its procedures after the Canadian Grand Prix ended in confusion and embarrassment when a celebrity waved the checkered flag a lap too soon. The gaffe did not affect the outcome of the race, which was won by Ferrari's Sebastian Vettel, but the German said he was left double-checking his lap counter while checking in with his pit before carrying on to run the full 70 laps. "Fortunately we had radio, fortunately I had the lap count in the car, and the pitboard was accurate — but if you lose radio and maybe the pitboard is not there, then you back off," said Vettel after notching his 50th career win. "I was just worried, I told them also on the last lap, then people don't jump on the track, waving flags and celebrating, because we're still going at full pace." The official results were later determined based on the 68th lap to avoid any impact the early flag might have had. Formula One race director Charlie Whiting said the error was caused by simple miscommunication between the official starter and crew in the starter's tower, which resulted in model Winnie Harlow — a friend of Mercedes world champion Lewis Hamilton — waving the flag prematurely. "It was a miscommunication between the start platform and the guy they call the starter here," explained Whiting. "He thought it was the last lap and asked them at the top to confirm it, they confirmed it. "They thought he was making a statement when in fact he was asking a question. "He told the flag waver to wave it a lap early. It was as simple as that, it wasn't anything to do with the fact it was a celebrity flag waver. "The celebrity was not to blame." Celebrities are often given the honor of waving the checkered flag at motor races, which has occasionally resulted in unintended flubs. Brazilian soccer great Pele famously reacted too late when Ferrari's Michael Schumacher won at Sao Paulo's Interlagos circuit in 2002, brandishing the flag instead as the later finishers appeared. While the incident on Sunday produced shrugs and even a few chuckles, there were also very real safety concerns, as course workers often come out of their safety areas to stand alongside the track waving flags. "We need to review procedures and make sure we have a very simple procedure for every circuit," added Whiting. "We're dealing with different human beings, different countries, different languages and it's not always absolutely perfect.

F1's Vettel leads, Verstappen and Grosjean crash at Silverstone

SILVERSTONE, England — Ferrari's Sebastian Vettel pushed Formula One title rival and home race favorite Lewis Hamilton off the top of the British Grand Prix practice timesheets on Friday while Max Verstappen crashed. Hamilton, winner for the past four years at Silverstone, had started the day by leading a Mercedes one-two in the sunny opening session. Vettel, who leads the Briton by a point in the championship after nine races, put in a lap of 1 minute 27.552 seconds in the afternoon to end the session 0.187 faster than his fellow-four-times world champion. That was still slower than Hamilton's morning time of 1:27.487, however, with Vettel third then and half a second slower. Hamilton's Finnish teammate Valtteri Bottas, with a new engine in his car after last weekend's mechanical retirement in Austria, was second and third fastest respectively in the two sessions. Australian Daniel Ricciardo and Kimi Raikkonen traded fourth and fifth places while Max Verstappen, winner in Austria for Red Bull, was sixth in the morning but crashed after lunch without setting a time. The 20-year-old Dutchman had ended the first session early after he was told to stop the car. Haas's Romain Grosjean had a heavy crash at the fast first corner, slamming into the tire barriers after failing to close the drag reduction system (DRS), in the morning and did not take part in practice two. "The car is destroyed," the Frenchman, who was unhurt in the impact, said over the radio. "I'm very, very sorry guys. I think it was the bump. I missed the (DRS) button." Team boss Guenther Steiner said the team needed to rebuild the chassis. Grosjean's team mate Kevin Magnussen and McLaren's Fernando Alonso were called to see stewards for a "potentially dangerous maneuver" after an incident between them early on but stewards ruled there was no further action needed. "Magnussen tried to hit me two times - in one and three," Alonso reported over the radio. "Very dangerous."Reporting by Alan BaldwinRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Reuters Motorsports Ferrari Mercedes-Benz Racing Vehicles F1 Lewis Hamilton Sebastian Vettel Kimi Raikkonen silverstone Max Verstappen british grand prix Romain Grosjean