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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.

2015 Japanese Grand Prix is a little Mercedes, a lot of zen

Just one week on from the issues in Singapore Mercedes-AMG Petronas appeared to have solved its clamp problems and everything else. Daniil Kvyat at Infiniti Red Bull Racing took the two Free Practice scalps on Friday, but when it came time for qualifying the front of the grid looked really familiar: Mercedes' Nico Rosberg took his second pole position of the season, Lewis Hamilton next to him in second. Kvyat had a hand in that, too, the Russian getting into a big accident in Q3 when he put two wheels on the grass heading into the hairpin and veered into the tire wall so hard that he flipped. That ended qualifying before a number of drivers had a chance to improve their times, Hamilton among them. That's how Valtteri Bottas got in third for Willliams ahead of Sebastian Vettel fourth for Ferrari. Felipe Massa had the second Williams in fifth, ahead of Kimi Raikkonen in the second Ferrari. Daniel Ricciardo lined up sixth for Infiniti Red Bull Racing, a team we're going to have to enjoy watching for the rest of the season since it might not exist come 2016. Romain Grosjean gave Lotus some good news by getting into eighth, the team so strapped for cash that it couldn't get into its hospitality area, so it held press conferences outside and ate at Bernie Ecclestone's Paddock Club. Sergio Perez took ninth for Sahara Force India, and Kvyat slotted into tenth after not setting a time. The Russsian's race would begin from the pit lane once his mechanics rebuilt his car. It wouldn't be a Formula One start lately without someone at the front having clutch problems. This time it was pole man Rosberg, whose power unit got too hot and put him a few horsepower down on Hamilton through Turns 1 and 2. That's half of how Hamilton took the lead from the lights going out, and the Brit kept it throughout the race. Rosberg, however, said his race was lost when Hamilton pushed him wide through Turn 2, a move Hamilton defended. Rosberg finished almost 19 seconds behind his teammate, a gap that probably isn't fully explained by that opening incident. Hamilton's race was so uneventful that we almost never saw him on camera – that is, we saw him so much less than we usually see him when he's out in front and unpressured that Nikki Lauda said he'd ask Ecclestone why the cameras avoided him. The conspiracy theory holds that FOM was punishing Mercedes for not supplying Red Bull with engines next year.

Race Recap: For the 2013 Monaco Grand Prix, NASCAR comes to the principality

Lots of contact, debris cautions, trips into the wall, full-course yellows and a red flag - these are the kinds of racing terms you unbox when you want to have a conversation about NASCAR... or the Formula One grand prix of Monaco. In this case we're not talking about the Coca-Cola 600 at Charlotte, we're talking about 78 laps in the South of France that even featured a fallen camera cable just like that stock-car race.
This year, Mercedes-AMG Petronas drivers treated their chassis' like busses instead of F1 cars, Romain Grosjean treated his Lotus like a battering ram, Sergio Perez kept sticking his McLaren's nose in places and eventually got it smacked, and maybe the size of the drivers' mirrors should be changed instead of the tires as there were almost as many firsts as there were crashes. Plenty of F1 fans wish Monaco were removed from the calendar, yet even though it doesn't specialize in traditional thrills, that doesn't mean nothing happens during the parade through - and into - the barriers.