The Ferrari (RACE) IPO was a leveraged spinoff in which more than $2 billion of debt incurred by Fiat (which kept the cash proceeds of the debt issuance) was allocated to Ferrari. This was part of the way that Fiat raised cash from the transaction. As a result, Ferrari has been paying interest on the debt since the spinoff, and must ultimately repay it or refinance it. This leaves less money for racing and product development. It is difficult to know how this compares to the dividends that Ferrari was paying to Fiat before the spinoff.