Italian luxury sportscar maker Ferrari is accelerating towards a stock market listing after its parent Fiat Chrysler Automobiles (FCAU) filed for an initial public offering on the New York Stock Exchange.

After the listing, Fiat Chrysler's subsidiary will be known as Ferrari NV. in New York.

Ferrari IPO expected in early 2016

As detailed by ValueWalk, Fiat Chrysler Automobiles NV unveiled its plans last year to list a 10% stake in luxury brand Ferrari and issue $2.5 billion in convertible bonds to fund the parent company's turnaround plan.

Fiat bought 59% of Chrysler out of bankruptcy in 2009. Subsequently, Fiat acquired full control of Chrysler in 2014 and decided to combine all its businesses under the Fiat Chrysler Automobiles NV. It took over seven years before Chrysler could return to the u.s. stock market after it merged with Daimler AG (DDAIF) AG to form Daimler Chrysler.

Interestingly, Fiat Chrysler Automobiles NV received a tepid response from investors during its first day of trading on Wall Street last October.

In a regulatory filing with the U.S. Securities and Exchange Commission, Fiat Chrysler Automobiles indicated that it would create a Dutch-registered holding company for Ferrari and list its shares on Wall Street. It has estimated the supercar division's value at over $11 billion and plans to complete the separation in early 2016.

IPO to boost FCA's coffers

Fiat Chrysler Automobiles' chief executive Sergio Marchionne indicated last year that Ferrari's listing would happen by mid-2015. However, during the intervening period, the process has been complicated with a delay over a tax ruling, forcing the car marker to wait at least a year from the joint listing of Fiat and Chrysler to book any gain from selling shares in Ferrari.

The spinoff forms part of Marchionne's plan to reduce the larger company's debt load while funding an ambitious €48bn investment plan.