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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 to debut new twin-turbo California in the spring

Ferrari hadn't made a turbocharged engine since the F40 ended its production cycle in 1992. But that all changed when it helped Maserati develop its new 3.8-liter twin-turbo V8. That turbo engine has so far been shoehorned into the Quattroporte, along with its 3.0-liter V6 cousin that also powers the smaller Ghibli. But soon it'll wear the Prancing Horse badge as further details emerge on the next-generation California.
Set to arrive in time for the spring (likely to be unveiled at the Geneva Motor Show in March), the new California will reportedly ditch its naturally-aspirated V8 in favor of a reworked version of the Quattroporte's twin-turbo unit, which at 523 horsepower and 479 pound-feet of torque is already considerably more muscular than the current California's 483 hp and 372 lb-ft.
The new California will likely be closely based on the outgoing model, but benefit from revised aluminum sheetmetal and an updated cabin with a new infotainment system - two areas in which the current model has scored low marks.

1957 Ferrari 335S sells for $34.9M, still not most expensive Ferrari ever sold

Here's your reminder that the price of a good vintage Ferrari is absolutely staggering – the 1957 335S that just sold at an Artcurial auction in Paris for $34.9 million isn't even close to a record when it comes to Prancing Horses crossing the block. While this 335S still represents a hell of a lot of money, we're actually wondering why it didn't do better. For one, this car, chassis number 0674, has the all-important racing provenance collectors crave. It's been raced by legends Mike Hawthorne and Sir Stirling Moss. In its first year of competition, Wolfgang von Trips took it to second place at the Mille Miglia, while Peter Collins and Maurice Trintigant drove it to sixth at the 12 Hours of Sebring. It even recorded the fastest lap at the 24 Hours of Le Mans (although it retired with engine problems just 56 laps into the race). So yes, consider the provenance box checked. Besides famous racers and races, it was owned by some huge names in the Ferrari world, including Luigi Chinetti, the founder of the North American Racing Team and the first Ferrari importer in the US. But for the past 45 years, it was a part of the legendary Bardinon Collection, which was known for its wide array of high-quality Ferraris. While the 1957 335S falls short of the record-holding 1962 250 GTO sold by Bonhams for $38.1 million during the Pebble Beach Concours d'Elegance festivities in 2014, it's still one of the most expensive cars ever sold at auction. And hey, it even landed in the meaty part of its $31.2 million to $35.6 million estimated sale price.