Ferrari CEO Against IPO

If you’re rich enough to own a Ferrari you probably want to have a part of the money this Italian company makes every time you spec a matching piece of luggage or buy a race-branded watch. Unfortunately, that isn’t going to be possible, as the rumored Ferrari IPO public listing isn’t going to happen.

IPOs usually bring with them an air of modern and transparent to any company, but Ferrari was supposed to offer up some shares for the sake of raising capital. However, Ferrari’s Chairman Luca di Montezemolo says that’s not necessary, as the company’s profits are going to jump significantly in 2012.

During the first quarter of 2012, Ferrari’s profits increased by 17.2 percent compared to last year, as the Italian company raked in €42.1 million.

"We delivered 2011 net profit of more than 600 million euros ($752 million) and I assume that we will surpass this already excellent result this year," Ferrari Chairman Luca di Montezemolo told Profil in an interview published on Monday.

Story via Automotive News Europe