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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.

2022 Villa d'Este Concours d'Elegance Mega Gallery | The show in pictures

COMO, Italy — Held annually, the Villa d'Este Concours d'Elegance is, in many ways, Europe's version of the Pebble Beach Concours d'Elegance. It takes place in a beautiful location, and it brings together an impressive selection of rare and valuable cars. It's a real treat for the eyes, the ears, and, if you're into champagne, the palate. The 2022 edition of the show was no exception: About 50 cars were shipped to Lake Como from over a dozen countries, and it wasn't just the usual suspects. Sure, there were a lot of pre-war cars (including a couple of one-off models), but some of the icons that younger enthusiasts grew up with (like the Lamborghini Countach) were present as well. This year's event was split into eight categories: The Art Deco Era of Motor Car Design, The Supercharged Mercedes-Benz, How Grand Entrances Were Once Made, Eight Decades of Ferrari Represented in Eight Icons, "Win on Sunday, Sell on Monday," BMW's M Cars and Their Ancestors, Pioneers That Chased the Magic 300 KPH, And a design award for concept and prototypes. The jury gave the coveted "best of show" award to a 1937 Bugatti 57 S owned by Andrew Picker of Monaco, while the aforementioned classes were won by, respectively: The Bugatti 57 S, shown below, A 1936 Mercedes-Benz 540K Cabriolet, A 1956 Chrysler Boano Coupe Speciale, A 1966 Ferrari 356 P Berlinetta Speciale Tre Posti, A 1961 Porsche 356 B Carrera Abarth GTL, A 1972 BMW 3.0 CSL, A 1989 Porsche 959 Sport, And the Bugatti Bolide concept unveiled in 2020. Winning at Villa d'Este is a big deal: The cars are judged by a panel of highly experienced judges. No one gave me a scoring sheet, presumably out of fear that I'd award points to the late-model Fiat 600 lurking in the parking lot, but several cars that didn't win an award caught my eye. One is a 1934 Bugatti Type 59 Sports, a grand-prix racer that was once owned by King Leopold III of Belgium and that has never been restored — its patina is inimitable. Another is a 1961 BMW 700 RS. One of two built (the other is in the BMW collection), it's a tiny, ultra-light roadster related to the 700 and powered by a 697-cubic-centimeter air-cooled flat-twin tuned to develop 70 horsepower. It won several hill-climb events during the 1960s, and it's one of the rarest cars ever to wear a BMW roundel. Aston Martin's freshly-restored 1979 Bulldog concept was cool to see as well; check out the cassette player integrated into the headliner!

Maranello cracks down on rent-a-Ferrari rackets

A crackdown by policy makers in Maranello, Italy, means that visitors to Ferrari's headquarters and museum can't as easily experience the brand's famously sonorous engines for themselves. Several businesses in the city had rented the Prancing Horse's sports cars to tourists for brief drives, but the screaming powerplants got on locals' nerves enough to force new rules to curtail these joyrides. According to CNBC citing an Associated Press report, the various rental businesses had 37 Ferraris and offered a variety of packages to tourists. For example, a 10-minute drive in a F430 Spider was as inexpensive as 80 euros ($87 at current rates). The drivers wanted to get the most from their brief time at the wheel and often sped around the city. While there were no major accidents from the vehicles, the local cops still pulled over 450 of these folks through the first nine months of 2015. The new legislation in Maranello and Fiorano limits the times the test drives can happen and bans the companies from luring customers outside of the Ferrari museum. "We have lost 80 percent of business," the owner of one of these firms said in the report. The rental agencies already challenged the measures in court but lost. It doesn't offer quite the same experience, but Ferrari fans can still get the occasional earful from the brand's engines by staking out the Fiorano test track. We often see the company's future and sometimes classic models there making wonderful noises. Related Video: News Source: CNBCImage Credit: Marco Vasini / AP Photo Government/Legal Ferrari Driving Safety Performance Supercars test drive maranello