Luxury car brand Ferrari is slated to go public in the coming days and could nab a valuation of around $12.4 billion, according to Bloomberg, citing unnamed sources.
The Italian carmaker will head to the New York Stock Exchange after owner Fiat Chrysler (FCAU) sells 10% of its stake.
“Fiat shares are accelerating following Ferrari’s race to Wall Street,” said Vincenzo Longo, an IG Group strategist based in Milan, to Bloomberg. “The timing looks right for Ferrari, which waited until the end of the selloff on the market before setting its price range.”
Per the publication:
Fiat Chrysler Chief Executive Officer Sergio Marchionne, who’s also Ferrari’s chairman, has insisted for months that the brand should be valued as a luxury-goods maker, such as clothiers Prada SpA or Hermes International SCA, and not as an auto manufacturer. Those companies trade at over 20 times operating profit, more than twice the average valuation of carmakers.
An IPO price range could be published on Friday while presentations to buyers could begin next week, according to Bloomberg.
For more on Ferrari, Fortune has covered the brand’s steps toward going public in recent weeks. Here is Ferrari’s SEC filing, which was made public in July.
Last year, Ferrari shipped over 7,255 of its cars, with revenues of more than $3 billion.