Ferrari only put 10% of its shares up for sale
Ferrari, with the apt ticker of RACE, saw its shares floating on the NYSE today, says
Business Insider. Ferrari “priced its IPO at the higher end of the expected range of $48 to $52”.
This comes
four months after the company announced its plan to list before the end of the year.
It debuted at $60 a share, a 15% rise over its IPO price, adds
Business Insider.
Ferrari sold just 10% of its shares in its IPO, raising $893.1 million for Fiat Chrysler, which has as 80% stake, says the
BBC. At $60 a share, this values the company at $10 billion.
The Ferrari family owns the remaining 10% of the company, adds the
BBC. On Ferrari’s listing, Fiat Chrysler shares “fell more than 4%”.
The reason Ferrari listed
Listing Ferrari on the stock exchange will help Fiat Chrysler funds its “€48 billion investment programme,” notes
Bloomberg. Fiat Chrysler will distribute its remaining holding in Ferrari to its own shareholders next year.
Ferrari’s successful listing comes as other companies have had issues with their new listings in the US, adds
Bloomberg. Out of three companies due to list in just one week this month, one cancelled its sale, one “priced shares below a marketed range” and another delayed its IPO.
At time of writing, shares in Ferrari were trading at $55.80 a share, 7.37% up for the day.
So not a bad start for the supercar maker. Time will tell how it performs.
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