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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.

Without engine deal, Red Bull could be squeezed out of F1

It would have seemed unthinkable just a couple of years ago when it was winning more races than it lost and scoring one world championship after another, but these days Red Bull can't get a competitive engine. And if it doesn't get one soon, it could be forced out of Formula One altogether. This development emerges after two years of the once indomitable but now deteriorating relationship between Red Bull and its longtime engine partner Renault. When F1 switched from the previous V8 engines to the new hybrid turbo V6 power units ahead of last season, Renault dropped the ball, and Mercedes picked it up. Ferrari has since recovered much of the lost ground to push the Mercedes factory team for wins, but Red Bull and Renault have not. The stress of falling off their perch has left both parties pointing fingers at each other to the point that the team's longtime technical director Adrian Newey doesn't think the marriage is salvageable, or worth salvaging. "Unfortunately, our relationship with Renault is pretty terminal – there's been too much of a marriage breakdown, so we have no engine," said Newey. That's left Red Bull looking elsewhere for a new engine deal, but so far it's been unable to find one. The prospect of replacing sponsor Infiniti and supplier Red Bull with a similar partnership with Aston Martin and Mercedes has apparently come to naught. And the proposed buyout and engine deal from the Volkswagen Group evidently collapsed in the wake of that brand's diesel emissions scandal. That leaves Red Bull to turn to one of the existing engine suppliers in the series, and apparently neither Ferrari nor Mercedes are willing to sell their engines to one of their chief rivals. As McLaren has demonstrated this season, the Honda engines aren't up to speed, either. Which leaves Red Bull with nowhere else to turn. And if it doesn't find something in time for next season (or the following one at the latest), Newey says it may have to pack it in and close up shop. "Red Bull should not be put in a position where they're only there to make up the numbers." Related Video: News Source: Reuters via Motorsport.comImage Credit: Felipe Dana/AP Motorsports Ferrari Renault F1

Raikkonen tests F1 Halo cockpit system

Kimi Raikkonen became the first driver to test the new halo closed cockpit concept during Formula 1 testing at Barcelona in Spain on Wednesday. The installation was fitted to his car for an installation lap in the morning and comes as the FIA works on introducing the design into F1 for 2017. Painted in black, the frame protected the head and featured a single column down the centre - which has been the solution that teams and the governing body have favoured. More to follow. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This article by Jonathan Noble originally appeared on Motorsport.com, the world's leader in auto racing news, photos and video.