Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.