VROOM

Ferrari is set to go public early next year

This article has been corrected.

Ferrari will soon hit the road as a standalone company on the New York Stock Exchange.

The IPO is expected by early 2016, according to a prospectus filed with the Securities and Exchange Commission on Thursday (July 23). Fiat Chrysler, the parent company of the famed sports car maker, expects the unit to be valued at “at least” 10 billion euros ($11 billion), Bloomberg Business reported.

Approximately 10% of Ferrari shares will be available in the spinoff, while 80% will be distributed to Fiat Chrysler shareholders. Piero Ferrari—founder Enzo Ferrari’s son—will maintain a 10% stake, CNN Money reports. Ferrari has been part of Fiat since 1969.

Last year, Ferrari had sales of 2.8 billion euros, up about 18% from 2013. Net profit was 265 million euros in 2014, an increase of roughly 8% from a year earlier.

Ferrari has been known to limit its production to 7,000 cars per year—a strategy that has sometimes led to a years-long waiting list and made it a symbol of exclusivity. (The company has slightly expanded production to 7,255 this year to shorten the wait.)

A new Ferrari starts around $200,000, while a LaFerrari has an MSRP of $1.4 million.

Correction (July 24): This post initially featured a photo of a Lamborghini rather than a Ferrari. Thanks to twitter user @valeriorositani for pointing out the error.

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