FCA Reports Full Exercise Of Underwriters' Option In Ferrari IPO

(RTTNews) - Fiat Chrysler Automobiles N.V. (FCA) announced that the underwriters in subsidiary Ferrari N.V.' (RACE) initial public offering have exercised in full the option to buy 1.72 million common shares of Ferrari from FCA at $52 per share less underwriting discounts.

With the exercise of this option, the total offering will consist of 18.89 million Ferrari shares and gross proceeds to FCA of $982.4 million.

Following completion of the offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016.

Ferrari's common shares began trading on NYSE on October 21, 2015 under the symbol "RACE" and the offering is expected to settle on October 26, 2015.