By Ravender Sembhy

Ferrari is accelerating towards a stock market listing after its parent firm filed for an initial public offering on the New York Stock Exchange. Fiat Chrysler Automobiles, which owns the Italian luxury sports car maker, has mandated UBS, Bank of America Merrill Lynch and Santander to act as underwriters as it looks to spin the firm off.

In a filing with the US Securities and Exchange Commission, the American-Italian automaker said the split is expected to be completed by 2016. It is unclear how much the IPO will raise, but a nominal amount of $100m has been targeted by the company. The firm is expected to sell 10% of Ferrari through the IPO.

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Source: http://www.ibtimes.co.uk/