Banks approach Ferrari for IPO on Hong Kong stock exchange
As much as Ferrari’s president Luca de Montezemelo says that an IPO for the brand is not on the table, the automotive industry just can’t seem to stop talking about it. According to new reports, several investment banks have approached Ferrari owner Fiat in recent weeks with a proposal to list the supercar maker on the Hong Kong stock exchange.
Some analysts say that a potential initial public offering could value Ferrari as high as $6.3 billion. Of course, that’s a bit enticing for Fiat since it would help pay down the debt of 5 billion euros ($7.2 billion).
“Fiat hasn’t made up its mind yet about the IPO, but it’s certainly talking with banks about it,” said one source.
Fiat decline to comment on the report. A spokesman referred back to comments by Fiat CEO Sergio Marchionne that a Ferrari IPO is not something he’s looking at for the time being.
– By: Omar Rana
Source: Automotive News