New Business Netherlands NV (NYSE: RACE) (better known as Ferrari) expects to raise $858 million in its upcoming IPO. Based in Maranello, Italy, New Business Netherlands NV produces luxury performance sports cars, including Ferraris.
New Business Netherlands NV will offer 17.17 million shares at an expected price range of $48 to $52. If the underwriters price the IPO at the midpoint of that range, RACE will have a market capitalization of $9.4 billion.
RACE filed for the IPO on July 23, 2015.
Lead Underwriters: BofA Merrill Lynch and UBS Investment Bank
Underwriters: Allen & Co., Banco Santander, BNP Paribas Securities, J.P. Morgan Securities, Mediobanca Banca di Credito Finanziario, and Santander Securities
Business Summary: Maker of Ferrari Luxury High-performance Sports Cars
New Business Netherlands NV designs, engineers, produces and markets luxury high-performance sports cars worldwide. The company intends to license its Ferrari brand to a variety of manufacturers and retailers of luxury lifestyle goods. The design and manufacturing of these automobiles takes place in Maranello, Italy, and they are sold in over 60 markets worldwide by 182 authorized dealers, who operate a total of 204 points of sale.
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New Business Netherlands currently sells nine models, including seven sports cars and two GT cars. These models are the 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12berlinetta, 458 Speciale, 458 Speciale A, California T and FF. Recently, the company replaced two 458 models with 488 series models, and it expects to fully replace the 458 line by the end of 2015. New Business Netherlands also produces a limited edition super car, LaFerrari, and a very limited edition series, Fuoriserie.
In 2014, the company shipped 7,255 automobiles and realized net revenues €2,762 million, net profit of €265 million, adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) of €693 million and earnings before interest and taxes (EBIT) of €389 million.
