Ferrari Says IPO Plan Awaits Right Market Conditions

MILAN November 28, 2002; Dow Jones reported that Ferrari SpA remains intent on listing its shares on the Milan exchange, but will do so only when market conditions are more auspicious, Chairman and Chief Executive Luca Cordero di Montezemolo said Thursday.

"We intend to list soon," he said on the sidelines of an award ceremony in Rome.

Ferrari spokesman Simone Piattelli confirmed that di Montezemolo said the Italian sports car maker was "not obliged" to tap capital markets and so wouldn't issue debt. But a listing would be decided with Mediobanca SpA and would probably take place next year, the spokesman added.

Mediobanca paid Fiat SpA EUR775 billion for a 34% stake in Ferrari in June. The Milan-based investment bank has since sold 10% of Ferrari to Commerzbank AG , which will be joint bookrunner with Mediobanca for the initial public offering.

Fiat retains 56% of Ferrari, with the remaining 10% in the hands of Piero Ferrari, son of the company's legendary founder Enzo.

The Mediobanca purchase valued all of Maranello-based Ferrari, the cars of which can cost more than $500,000 each, at EUR2.3 billion.

That's about 50% higher, on standard multiples, than rivals like Germany's Porsche AG. Last week, Italian papers reported that Deloitte & Touche valued Ferrari at EUR1.4 billion.

Ferrari, which also makes Maserati cars, had EUR1.06 billion in sales last year.