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FERRARI (History (Ferrari is an Italian luxury sports car manufacturer…

- - - - The separation began in October 2015 with a restructuring that established Ferrari N.V. (a company incorporated in the Netherlands) as the new holding company of the Ferrari group and the subsequent sale by FCA of 10% of the shares in an Through the remaining steps of the separation, FCA's interest in Ferrari's business was distributed to shareholders of FCA, with 10% continuing to be owned by Piero Ferrari.
        
        On 29 October 2014, the FCA group, resulting from the merger between manufacturers Fiat and Chrysler, announced the split of its luxury brand, Ferrari. The aim is to turn Ferrari into an independent brand which 10% of stake will be sold in an IPO in 2015.[19] Ferrari officially priced its initial public offering at $52 a share after the market close on 20 October 2015.
- - - - 1 Selec Underwriter
        
        Choice an investment bank to advise on the IPO
        
        Selection criteria:
        
        REPUTATION
        
        QUALITY OF RESEARCH
        
        INDUSTRY EXPERTISE
        
        DISTRIBUTION
        
        PRIOR RELATIONSHIP WIHT THE BANK
      - 2 Due Diligence y Filings
        
        Underwriting is the process through which the underwriter acts.
        
        Underwriting arrangements avalible to issuing company:
        
        FIRM COMMITMENT
        
        The underwrite purchases the whole offer and resells the share to investing public.
        
        BETS EFFORTS AGREEMENT
        
        The underwriter does not guarentee the amount they will raise for the issuing compay; it sells securities on behalf of the company.
        
        SYNDICATE OF UNDERWRITERS
        
        One out of multiple managers, is selected as the lead, which forms a syndicate of underwriters by forming strategic alliances with other banks. Each of the banks sells a part of the IPO.
        
        An underwriter must draft the following documents fot the issuing company:
        
        ENGAGEMENT LETTER
        
        UNDERWRITING AGREEMENT
        
        REGISTRATION STATEMENT
        
        PROSPECTUS
        
        OTHER PUBLIC COMPANY LEGAL DOCUMENTS
      - 3 Pricing
        
        Factors affecting the offering price:
        
        SUCCESS/FAILURE OF THE ROAD SHOWS BY UNDERWRITERS
        
        THE COMPANYS GOALS
        
        CONDITION OF THE MARKET ECONOMY
      - 4 Stabilization
        
        Stabilization activities can only be carried out for a short period of time, where the underwriter has than freedoom to trade and influence the price of issue.
      - 5 Transsition