Rumors that Ferrari may hold an initial public offering to extract billions in value have persisted for some time, largely due to the fact that CEO Sergio Marchionne, even suggested the move as a possibility himself.
However, Di Montezemolo, Ferrari’s Chairman told a German newspaper that the Italian automaker is not planning an initial public offering (IPO).
“No, there is nothing on the agenda. And we are not planning anything,” Luca di Montezemolo told daily Sueddeutsche Zeitung in an interview published on Monday.
“Fiat does not need any money at the moment, they are doing fine. If you ask me what will happen in 10 years: no idea. But at the moment it is not on the agenda,” he added.
Last year, according to some media reports, several investment banks had visited the Maranello, Italy, headquarters to propose a listing.
A potential initial public offering could value the company, founded by Enzo Ferrari, at as much as $6.3 billion, analysts estimate.