Ferrari shares hit the New York Stock Exchange today with great success, raising $893.1 million for parent company Fiat-Chrysler Automobiles, or the equivalent of 800 LaFerraris. A total of 17,175,000 common shares were sold for $52 a piece, however the underwriters have an option to purchase up to 1,717,150 more shares within the next 30 days, raising the offering size to $982.4 million.
Shares are selling under the RACE ticker symbol, and at the time of this writing were trading for $55.25, with a high of $60.97 being reached earlier in the day. UBS Investment Bank is the acting Global Coordinator for the offering, while UBS and BofA Merrill Lynch serve as bookrunners and representatives of the underwriters.
According to Bloomberg, the sale values Ferrari at $12 billion and will raise $4 billion for FCA. In January of next year, FCA’s remaining 80 percent stake in Ferrari will also hit the market, with the Ferrari family retaining their 10 percent share in the automaker that bears their name.
Photo via Ferrari