Macfarlanes and Linklaters were among six law firms assisting luxury goods logistics company Ferrari Group in launching its initial public offering on the Euronext Amsterdam stock exchange last week. 

Macfarlanes represented Ferrari while Linklaters advised the underwriters. Loyens Loeff advised on Dutch law, Cravath on US law, Lanter on Swiss law and IP Law Galli on Italian law.

Ferrari’s shares priced at €8.60 on its debut, giving the company an initial market capitalisation of €785m. The founding Deiana family sold 25% of existing shares in the company. The IPO also includes a greenshoe option, allowing the underwriter to sell additional shares beyond the initial allotment. However, Ferrari Group noted it would not receive proceeds from that sale.

The company emphasised the strategic benefits of the listing, such as gaining access to capital markets and boosting its visibility among potential investors and partners. 

Ferrari Group CEO Marco Deiana, commented: “Our listing on Euronext Amsterdam is an important and exciting milestone for our business and we are immensely grateful for the support and interest in Ferrari Group from our new investors. We have a clear vision and are well-positioned for future growth as we look to build on our position as one of the global leaders in the worldwide shipment of luxury goods by growing our customer base, increasing the number of locations where we operate and broadening our service offering. 

“Our IPO gives us the platform from which to deliver on these growth plans, providing us with access to the capital markets and diversified sources of funding for the future while increasing our public profile and brand awareness. Today is a historic day for our business, and my brother Corrado Deiana and I would like to extend our sincere thanks to everyone who has helped us get to this point, particularly our invaluable teams and hard-working colleagues.”

Macfarlane’s team was led by corporate M&A partner Richard Burrows, with assistance from associates Sanjana Singh and Patrick Bennett. Partner Greg Price and senior counsel Alex Ereira provided tax expertise. Partner Rasmus Berglund provided management incentive advice. Partner Lorna Emson and senior associates Helen Harvey and Francis Bond provided litigation and dispute resolution input. Partner Hayley Robinson and senior counsel Tabitha Al-Mahdawie provided employment input. 

The Linklaters team was led by global head of US capital markets Pam Shores and capital markets partner Alexander Harmse, alongside managing associate Xu Wang and US associate Cassandra Dula.

Loyens Loeff partners Menno Baks and Michel van Agt served as Dutch counsel to Ferrari.

Cravath served as US counsel to Ferrari Group, led by partner Philip J. Boeckman.

Since 1959, Ferrari Group has grown from a customs broker and forwarding company in northwest Italy to a global company handling €170bn worth of luxury items annually including high-end watches, jewellery and diamonds. It has international operations in Europe, Asia, North America and Brazil. In 2023, the company reported revenues of €333m and an adjusted EBITDA of €90m.