Ferrari set for listing on the New York Stock Exchange

Ferrari set for listing on the New York Stock Exchange
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(BBC) - Italian sports car manufacturer Ferrari has applied to list its shares on the New York Stock Exchange.

The company is being spun off from Fiat Chrysler Automobiles. The firm did not reveal the expected price range or number of the common shares.

UBS Investment Bank, BofA Merrill Lynch and Santander are underwriting the flotation, the company said.

Ferrari intends to list its common stock with a fundraising target of $100m.

The company was set up by former Alfa Romeo race car driver Enzo Ferrari in 1939, and produced its first car, the 125 S, in 1947.

The symbol of the firm, a prancing horse - 'Cavallino Rampante' - was adopted by Ferrari after being used by an Italian World War 1 pilot, Francesco Baracca, who had it painted on the fuselage of his aircraft.

The 'Ferarri red' was the colour assigned by the International Automobile Federation to all Italian grand prix cars early in the 20th century.

In 1969, Mr Ferrari sold the Fiat Group a 50% stake in the company, which was increased to a 90% stake in 1988.

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