Fiat Chrysler Automobiles (FCA) top brass including CEO Sergio Marchionne and President John Elkann rang Wall Street's opening bell Wednesday to hail Ferrari's debut on the New York Stock Exchange. The price of the Ferrari IPO, codenamed Race, was set at $52 per share. The Italian glamour carmaker is offering 17.18 million shares worth some $893.36 million. The overall value of the company is thus estimated to be around $10 million.
Ferrari shares soared to $60 from their listing price of $52 after the opening of trading before steadying at $56.
Fiat Chrysler CEO and Ferrari President Sergio Marchionne said that "the world is big and there are huge opportunities for Ferrari". He told CNBC "we have to grow on the demand front" adding "the competition is not on a par with Ferrari".
Ferrari's listing on Wall Street is "a huge satisfaction, a very great job," Marchionne said. He said the important thing was to "ensue the continuity of the management process which has been unique in Ferrari and cannot be interrupted".
"We must continue to do what we're doing, do it well and win in Formula One, which is a very important thing," he added. He said the IPO makes the brand "visible" after being part of a conglomerate that obscured it. "Now let's start to grasp its true potential, with expansion in fields linked to the auto market and which can make it grow, always in Italy and always with Italians".
Fiat Chrysler Automobiles plunged 5.27% in Milan.
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