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Ferrari shares race 15 percent in Wall Street debut

Published 21/10/2015, 15:23
© Reuters. A Ferrari logo and a Italian flag are pictured on a replica of a Ferrari Formula One car in Santiago city

MILAN (Reuters) - Shares in Ferrari (N:RACE) rose 15 percent to $60 in the luxury group's Wall Street debut on Wednesday after it priced its share offering at the top end of an indicated range as investors vied to grab a slice of the maker of sportscars for the super rich.

Limiting the offering to a 10 percent stake helped parent Fiat Chrysler Automobiles (FCA) (MI:FCHA) push up the value of the supercar maker, defying a choppy U.S. market this year in which several big IPOs were discounted or delayed.

FCA raised $893 million (578 million pounds) through the offering of 17.2 million shares in Maranello-based Ferrari at $52 each, the top end of a range of between $48 and $52, giving the company bearing the prancing horse emblem a stock market value of $9.8 billion.

The proceeds may rise to $982 million if a "greenshoe" option is exercised.

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