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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.

Fiat showed off the 500 Electric in New York, should sell it here too

The New York Auto Show was pretty predictable for the most part; lots of model refreshes, trim lines and new engines. The stuff you would expect from a lot of auto shows. But there was one truly bizarre, inexplicable appearance: the Fiat 500 Electric. For reasons unknown to us, or even to a Stellantis PR representative, the Fiat booth was not adorned with just one lonely 500X — which is currently the brand's entire U.S. lineup — but there was also a pomodoro (tomato) red 500 Electric convertible and a pale pink metallic 500 Electric hatchback. Two cars that Stellantis has, since the model's introduction a couple of years ago, said will not be coming to the United States. They weren't roped off or on any fancy display. They just sat on the carpet like any other regular Stellantis product. And of course, we had to check them out. And ... they're pretty great! We think Fiat should sell the 500 Electrics here. Here's why: First off, they're wonderful designs. They're still just as cute and retro as the 500's gas-powered (and electric) predecessor, but with far more attention to detail. The headlights intersect with the hood, and the turn signals pop out from the belt line. Nifty recessed door handles sit below that line. Little tabs with the model name bump down from the window trim. The retro, grille-less fascia is natural and practical, and the whole car has subtly athletic curves. Plus, you can get it as a convertible, something the competition doesn't offer. The excellent detailing continues inside. The materials are certainly cheap (and admittedly, the doors sound a little flimsy on closing), but it pulls the same tricks that the Ford Maverick does. It has fun with the colors, materials and shapes to make it pleasant. It has a soft, curvy dash panel that can be covered in cool fabric or painted to match the body. The seats are available with the "FIAT" wordmark stitched all through the upholstery. And it has convenient controls to go with the bright and responsive touchscreen. Furthermore, that rear half-door on the hatchback is great for rear seat access. The rear seat is still tight, but you can get three adults into the car in a pinch (mind your heads and knees). Basically, it's an extremely stylish and chic machine, something that the electric car market could use more in the low-end segment. And it likely would sell at the low end.

2020 Fiat 124 Spider Abarth gets ‘Scorpion Sting' appearance package

There’s currently a cloud of uncertainty surrounding much of the Fiat lineup, and especially the 124 Spider after the brandÂ’s CEO, Olivier Francois, was recently quoted as saying that FiatÂ’s sporty cars “have no legitimacy” and the brand needs to focus elsewhere in the future. It recently pulled the convertible from the U.K., and through the first six months of the year here in the U.S., it had sold a mere 1,528 models, down 19%. (Fun fact: for the first half of 2019, the entire brand sold just 5,103 models, down 38% from the prior year.) But forget all that for now, because Fiat is in denial celebration mode, marking the brandÂ’s 120th anniversary and the 70th anniversary of its Abarth performance sub-brand. To commemorate the occasion, Fiat is offering a “Scorpion Sting” appearance package on the 2020 model-year 124 Spider Abarth. Most prominent is the rosso scorpion hood decal that harkens to the Abarth badge and founder Karl AbarthÂ’s astrological sign. There are also nifty stripes in the same color that run along the length of the roadsterÂ’s lower body. It's available now for $395, and that pretty much wraps it up. Fiat re-introduced the 124 Spider at the L.A. Auto Show in 2015 as a car based on the Mazda MX-5 MiataÂ’s platform, but with its own Italian design and the 1.4-liter turbo-four engine from the 500 Abarth, offering 164 horsepower and 184 pound-feet of torque. Fiat added new options for the roadster for 2019, including a dual-mode “Record Monza Exhaust” for added growl, plus various appearance packages.