Ferrari doesn't plan to launch an initial public offering in the stock market, according to chairman Luca di Montezemolo. He was responding to repeated rumors that Fiat SpA, which owns Ferrari, might force the Italian exotic manufacturer to go public on the stock market.
"No, there is nothing on the agenda. And we are not planning anything," Montezemolo reportedly told a German newspaper. "Fiat does not need any money at the moment, they are doing fine."
In September 2011, Reuters reported that Ferrari could be valued as high as $6.3 billion in an IPO, and might be listed on the Hong Kong stock exchange. At the end of 2010, it had been reported that Fiat might either sell off its share of Ferrari, or force Ferrari to enter the market. More recently, however, both Fiat CEO Sergio Marchionne and Ferrari chairman di Montezemolo have denied that Ferrari will become a public company.
Last year Ferrari reported revenue of €2.3 billion (about $3.04 billion), up 17.3 percent year-over-year, and sales of 7195 cars globally, up 9.5 percent year-over-year.