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Fiat Chrysler Automobiles NV unit Ferrari went public on late Tuesday, earning a market valuation of about USD900 million ahead of trading on the New York Stock Exchange on Wednesday, Detroit News said.
The Ferrari stock was priced at the top end of the market range, according to Bloomberg data, as they were offered at USD48 to USD52 each for all 17.18 million shares. Fiat Chrysler was selling off 9 percent stake of the iconic automobile brand.
Reuters said proceeds from the IPO will be used to support the ambitious growth plan of Fiat Chrysler, which will involve the revamp of its other automobile brands: Alfa Romeo, Jeep and Maserati. Should the IPO be successful, it will help Fiat Chrysler’s finances greatly at the time when it badly needs a merger partner to support it.
At the NYSE, Fiat Chrysler’s chief executive officer Sergio Marchionne will be ringing the opening bell with other company executives. The son of founder Enzo Ferrari, and Fiat Chrysler Chairman John Elkann, Vice Chairman Piero Ferrari, is expected to join in the opening. Ferrari shares will be trading under the ticker symbol RACE.
