Ferrari 488 GTB
Turbocharged: Ferrari is cruising to the New York Stock Excahnge Arnd Wiegmann/Reuters

Ferrari is accelerating towards a stock market listing after its parent firm filed for an initial public offering on the New York Stock Exchange.

Fiat Chrysler Automobiles, which owns the Italian luxury sports car maker, has mandated UBS, Bank of America Merrill Lynch and Santander to act as underwriters as it looks to spin the firm off.

In a filing with the US Securities and Exchange Commission, the American-Italian automaker said the split is expected to be completed by 2016. It is unclear how much the IPO will raise, but a nominal amount of $100m has been targeted by the company. The firm is expected to sell 10% of Ferrari through the IPO.

Piero Ferrari, the son of founder Enzo Ferrari, is set to hold on to his 10% holding.

The IPO is part of chief executive Sergio Marchionne's wider plans to raise about $5bn in an attempt to slash debt.

He has also initiated an investment drive aimed at ramping up expansion of Fiat Chrysler's Jeep, Alfa Romeo and Maserati brands.