Following Porsche’s spin off, fellow luxury car brand Maserati is considering its own IPO. Here’s everything we know so far.
Will Maserati IPO?
Stellantis – the owner of the luxury vehicle brand Maserati – has said it’s open to listing the company in the future to end the ‘boom and bust’ of its historical performance.
Maserati’s closest rival Porsche was spun off from its parent company Volkswagen in September 2021 with a €75 billion price tag, which has likely spurred on Stellantis’ spin-off plans. The Ferrari IPO in 2015 was also considered a success, having earned the company a $9 billion valuation.
However, it hasn’t always been rosy for premium brand listings. Since Aston Martin’s IPO in 2018, the company has lost nearly 90% of its value – its shares fell from its £19 listing price to around £2.22 in April 2023.
Maserati IPO date
During Stellantis’ Q3 2022 earnings call, the company’s CFO Richard Palmer said the listing wasn’t planned “any time soon”, so it’s likely the Maserati IPO won’t happen until 2024.
This is also around the time that the company plans to hit its financial goal of increasing its margins to 15% by 2024.
See the upcoming IPOs to watch
What is Maserati’s value?
Rough estimates have put Maserati’s enterprise value at around €6 billion. But this is based on using Porsche’s recent valuation of 2.6 times sales, which could be generous for Maserati given it’s only just returned to operational profitability.
The Financial Times has said that “[Maserati] would not deserve much of a premium to the likes of BMW, whose enterprise value is around one times last year’s sales”.
How does Maserati make money?
Maserati makes money through the sale of its luxury vehicles. The starting prices for the Grecale and Levant SUV models are £61,570 and £79,550 respectively, while the Ghibli and Quattroporte sedans start at £75,945 and £113,970 each.
In 2020, Maserati started production of its first supercar since 2005. The MC20 sells for £197,994, while the later model – the MC20 Cielo – starts at £222,990. These were made to compete with other high-performance luxury badges such as Mercedes AMG and BMW M.
In 2023, the brand is expected to start selling its new Maserati GranTurismo for around £150,000 each.
Maserati models are still considered reasonably priced compared to Ferraris (which start at around £195,245 and only go up in value). So, they’re likened more to Porsche models.
However, in the mid-range segment, Maserati lags behind its competition in terms of sales volume. Maserati sold 25,900 cars in 2022, while Porsche sold 309,884 vehicles.
The management team have always maintained that the brand will never cut prices to improve its sales. That’s why Maserati is looking to take on a new avenue of profit: electric vehicles.
Maserati has pledged that all of its models will have an electric version by 2025, and the company will be entirely electric by 2030. This move will help the company attract a more eco-tech-savvy client.
Is Maserati profitable?
Maserati posted profits of €201 million ($214 million) in adjusted operating profit in 2023, which was its first after returning to the black in 2021.
The company’s financials showed that revenues are growing again after a few tricky years, up 15% in 2022 to €2.3bn. Ebit margins have also recovered, to 8.7% in 2022.
Maserati has said it’s targeting 15% by 2024 and 20% in the long term. It’s unlikely we’ll see a listing before these numbers are hit.
The global luxury car market size is projected to reach $655.0 billion by 2027, according to Fortune Business Insight. But currently, Maserati’s market share doesn’t even place it among the top players.
By sales volume, the top five brands are:
- BMW – 2.4 million vehicles sold
- Mercedes-Benz (Daimler AG) – 2.04 million vehicles sold
- Audi (Volkswagen Group) – 1.6 million vehicles sold
- Tesla – 1.3 million vehicles sold
- Lexus (Toyota) – 625,365 vehicles sold
Maserati sold 25,900 units globally in 2022, so its sales numbers pale in comparison, even to the likes of Porsche which sold 309,884 vehicles.
However, in 2021, the Maserati brand did report an increase in its global market share to 2.4% – thanks to increases of 2.9% and 2.7% in North America and China, respectively.
Who owns Maserati?
Maserati is owned by the multinational automotive company Stellantis. The company was formed in a merger between Fiat Chrysler Automobile (FCA) and Peugeot Societe Anonyme (PSA) in 2021.
The group now owns 16 different automaker brands – including Alfa Romeo, Chrysler, Dodge, Jeep and Ram.
Despite being part of Stellantis, Maserati has a stand-alone business structure. The company continues to operate out of Maserati’s Italian headquarters, rather than Stellantis’ Amsterdam HQ.
Who is the CEO of Maserati?
David Grasso is the CEO of Maserati. The former Nike executive came to Maserati in 2019 with a plan to drive the company to profitability with a line of EVs and lead it to a potential IPO.