- Ferrari, the luxury car unit being spun off by Fiat Chrysler Automobiles (NYSE:FCAU), has picked UBS to help manage its initial public offering in New York this year, Bloomberg reports.
- JPMorgan and Goldman are also due to help in selling 10% of Ferrari's shares to investors.
- Reason for the spin-off: Debt-laden Fiat Chrysler hopes the move will help fund a €48B ($52.5B) investment program that focuses on expanding the Jeep, Alfa Romeo and Maserati brands globally.
- Previously: Ferrari IPO may exceed $11B (Jul. 05 2015)