Feedback
Business

Ferrari Blasts Off Down Road Not Taken (Until Now) With NYSE Listing

Ferrari zoomed down a road it's never traveled before on Wednesday, becoming a publicly traded company with its shares listing on the New York Stock Exchange under the ticker symbol RACE.

An initial public offering for a portion of the luxury sports car raised $893.1 million this week even in what has become a dodgy market for IPOs, with doubts about the economic recovery seeping into the minds of investors.

Ferrari LaFerrari
Ferrari LaFerrari was presented at the International Motor Show in Geneva, Switzerland, March 5, 2013. Sadilek Jan / AP file

The IPO put the initial share price at $52 and valued the company, founded in 1929 by Italian sports driver Enzo Ferrari, at almost $10 billion. The company is based in Maranello, in northern Italy.

In early trading, the stock jumped $8.50 a share, to $60.50.

Ferrari IPO Begins Risky Trip as FCA Alters Formula for Success

Majority stakeholder Fiat Chrysler Automobiles will retain an 80 percent share in Ferrari. It plans distribute Ferrari stock to its shareholders next year.

The remaining 10 percent belongs to the Ferrari family.