Ferrari IPO set for fourth quarter of this year

ABOVE: Ferrari 488 GTB. Photo courtesy of Ferrari.

Fiat Chrysler, Ferrari's parent company, has filed an initial public offering to list shares of the luxury sports car brand on the New York Stock Exchange. The sale is expected to begin in the fourth quarter of this year and will be sold under "Ferrari N.V."

Fiat Chrysler, Ferrari's parent company, said in a statement that the proposed offering was not expected to exceed 10 percent of Ferrari's outstanding shares. Fiat Chrysler expects to retain about 80 percent of Ferrari Ferrari stock, with the remaining 10 percent retained by Piero Ferrari, the son of the Ferrari founder Enzo Ferrari, according to the company's required filing with the U.S. Securities and Exchange Commission.

Fiat, which took full control of Chrysler of last year, purchased 50 percent of Ferrari in 1969. Fiat Chrysler added in itsSEC filing that it intends to distribute its remaining shares in Ferrari to Fiat Chrysler's shareholders after the IPO.