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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.

Ferrari FXX K could get even more extreme Evoluzione version

Whenever a new Ferrari comes out – a mid-engined one especially – speculation begins to ramp up over how the boys in Maranello could make it even faster. When the 458 Italia was revealed, for example, focus immediately turned to what would become the 458 Speciale – just as the F430 begat the 430 Scuderia before it. Ditto LaFerrari, which was instantly projected to breed a new track variant, and that's exactly what we got with the debut of the FXX K in Abu Dhabi last month. And now that it's here, speculation is beginning to mount for an even more hardcore Evoluzione version. Look over the history of Ferrari's Corse Cliente version and you'll see the original Enzo-based FXX was followed by an FXX Evoluzione, and the subsequent 599XX bred a similarly enhanced 599XX Evoluzione. It would stand to reason, then, that an FXX K Evoluzione could be in the cards, but it won't come anytime soon. Speaking with Autocar, Ferrari test driver, former grand prix pilot and Le Mans winner Marc Gene said, "Right now, I think we cannot improve" on the FXX K, "but no doubt something will come up. I wouldn't be surprised if it happens, but it won't be in two years." Approximately three years separated the debut of the FXX and FXX Evo, but the 599XX was only out for a year or two before the 599XX Evoluzione came around. If and when a FXX K Evo does arrive, Gene figures it will focus more on weight reduction, efficiency and handling than on power. As it is, the FXX K already produces 1,035 horsepower, after all. Given the nature of the XX development program, however, owners of the FXX K can expect their track machine to get incrementally more advanced as the Prancing Horse marque uses the program to test new components.

Ferrari chief staying on to launch new models in October

Luca di Montezemolo has been running Ferrari since 1991. That's a whopping 23 years already, and having been born the same year that Ferrari was founded, Montezemolo is now 67 years old. But don't expect him to be stepping down any time soon.
Addressing the rampant rumors circulating the paddock at Monza this weekend, the hereditary Marquis of Montezemolo (pictured above at the unveiling of the 458 Speciale in Frankfurt last year) insisted that he is not about to leave Ferrari. Not before 2017, anyway, having signed as recently as this past March to stay on another three years. (After that, it's anyone's guess, with some suggesting that controversial Fiat scion Lapo Elkann could take his place.) But in dismissing the rumors, the affable and long-serving Ferrari chairman did reveal some new product plans.
First of all, according to racing site Autosport.com, Luca confirmed that the Prancing Horse marque "will present a fantastic new car" at the Paris Motor Show next month, widely expected to be a new variant of the 458: either the new Speciale Spider or the turbocharged 458 M. While he was at it, though, Montezemolo also revealed a new limited edition model to be presented in California.