Ferrari stock debut

NEW YORK: Fiat Chrysler Automobiles (FCA) is planning a US stock debut for Ferrari that values the luxury Italian sports carmaker at nearly $10 billion, according to a filing with US regulators on Friday. Ferrari, of the famed ‘prancing stallion’ logo, will make its first steps on Wall Street, expected in late October, after years of rumours. In its filing with the US Securities and Exchange Commission (SEC), FCA said it is offering to sell 17.2 million common shares of Ferrari, or about nine per cent of its capital. The estimated offering price of the shares was between $48 and $52. The initial public offering could raise up to $893.1 million, valuing the automaker at $9.92 billion.