Ferrari SpA is considering launching an initial public offering (IPO) on the stock market, published reports say. The company would use the funds to help boost its product development budget and launch a foray into the entertainment business.

Ferrari Chairman Luca di Montezemolo is asking Ferrari’s largest shareholder, Fiat Auto SpA, to consider an IPO of the Ferrari unit. Fiat also could benefit financially from an IPO of the Italian sports cars maker, with proceeds from the IPO being used to further cut Fiat’s €6 billion ($5.27 billion) debt load.

Fiat is said to be considering the move, according to a document leaked after a recent Fiat board meeting. Reports indicate a Ferrari IPO may not be approved until next year.

Ferrari says it also would use a portion of the proceeds from an IPO to help further develop its Maserati unit, which recently returned to the U.S. after a 15-year absence. Maserati also could enter the European racing circuit if it receives enough funds from the potential IPO.

Additionally, Ferrari would use a portion of the IPO funds to develop entertainment businesses that would complement its auto business. Among the items under consideration: a Ferrari themed hotel in Las Vegas, NV.