BALOCCO Italy (Reuters) - The initial public offering of luxury carmaker Ferrari is expected to happen between the second and the third quarter of 2015, the chief executive of parent Fiat Chrysler Automobiles (FCA) said on Tuesday.
FCA CEO Sergio Marchionne said last month he would spin off Ferrari from the group, sell a 10 percent stake via a public offering and distribute the rest of FCA’s stake in the luxury sports car brand to its shareholders.
The spin-off is part of a bigger capital-raising plan that also includes a $2.5 billion convertible bond issue to help cut debt and fund an ambitious business plan at the world’s seventh-largest carmaker.
Marchionne said on Tuesday that after the capital raising the free float of FCA, which moved its primary listing to New York last month, could increase to around 20 percent of the group’s capital. A roadshow to market the capital raising with U.S. investors is planned for December, he added
Reporting by Gianni Montani, writing by Agnieszka Flak