Yesterday in the U.S. (October 21st) Ferrari officially began trading on the New York Stock Exchange until the symbol RACE.
Nine per cent of the Italian automaker has gone public with shares initially priced at $52 each. In the short time Ferrari has been on the NYSE, stock prices have reached as high as $60.95 and at the time of writing sit at $55.25 apiece.
Through Ferrari’s Initial Public Offering, Fiat Chrysler Automobiles has already raised $893.1 million as a result of 17.18 million shares being sold at $52. These means that Ferrari has a market capitilisation of $9.8 billion and an enterprise value of $12 billion when including the FCA debts which Ferrari is shouldering.
Piero Ferrari remains the largest single share holder with a 10 per cent stake in the company. Meanwhile, the remaining 81 per cent has been distributed among current FCA shareholders, 25 per cent of which is owned by Exor.
Oh, I thought they were already a public company. Weird. Congrats to them though!