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Ferrari Shares Jump 15% in First-Day Trading
Shares in Ferrari SpA zoomed from a starting price of $52 to $60 before settling at $55 in their first day of trading on the New York Stock Exchange under the RACE symbol.
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Shares in Ferrari SpA zoomed from a starting price of $52 to $60 before settling at $55 in their first day of trading on the New York Stock Exchange under the RACE symbol.
Fiat Chrysler Automobiles NV offered 10% of the supercar maker to the public, justifying a high price by touting Ferrari as a luxury brand rather than a car company. Next year FCA stockholders will get 80% of Ferrari shares, with the remaining 10% held by Pietro Ferrari, son of the founder.
The stock sale could raise as much as $982 million for FCA, which will use the funds to help pay for its five-year, $60 billion expansion plan. Reuters notes that some analysts question whether Ferrari’s stock price will be sustainable after FCA spins it off next year.
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