Ferrari's much-anticipated IPO will be delayed until October, the Wall Street Journal reported.

Initially, the offering was scheduled for June, the Journal reported. But evidently Sergio Marchionne, CEO of Ferrari parent company Fiat Chrysler Automobiles (FCA), didn't pay close enough attention to legal counsel when the date was set.

From the WSJ:

The attorney told me we had to wait until a year has passed since the Oct. 12, 2014, completion of the merger that produced FiatChrysler, said Mr. Marchionne. He didnt make clear why Fiat Chrysler hadn'tt considered the issue when it had announced previous timings for the share sale.

...

Fiat Chrysler is planning to sell 10% of Ferrari in the IPO and distribute the other 80% it owns in the sports-car maker to shareholders. That spinoff is still scheduled for the beginning of next year. Fiat Chrysler shares have surged since the announcement of the IPO and spinoff as investors and analysts debate the value of Ferrari, with estimates ranging from 4 billion to more than 10 billion [$4.4-11.1 billion].

A Ferrari IPO has been discussed for years. FCA is doing it now to capitalize on lust and desire for the Ferrari brand, as well as its substantial market value, and to infuse FCA with capital to continue its efforts to compete globally. 

The IPO delay is occurring in the context of Marchionne's ongoing insistence that the auto industry needs to reduce redundant development practices, under which multiple car makers create effectively identical engine and and chassis technologies. So far, the FCA CEO's efforts to join with another automaker have been meet with total indifference.

NOW WATCH: Heres the first trailer for Steven Spielberg and Tom Hanks' next movie Bridge of Spies

See Also:

Moscows poshest neighborhood is shockingly empty as money pours out of RussiaAn unusual number of vehicle delays is costing Fiat Chrysler billionsWhy I loved driving a $43,000 BMW more than a $104,000 Jaguar

SEE ALSO: There will be red: Ferrari threw an amazing party in New York to debut its new 488 GTB supercar