After making its Wall Street debut in October, Ferrari has now listed on the Italian stock market in Milan, completing its separation from parent company Fiat Chrysler. It went live on the MTA Monday morning, opening under the RACE ticker at 43 euros ($47 USD) and closing out at 43.24 euros.
Ferrari is now a publically traded company, with the Adnelli family’s holding company Exor SpA owning a majority 23.5 percent stake in the automaker. Piero Ferrari, son of company founder Enzo Ferrari, retains his 10 percent stake in the automaker.
The spinoff of Ferrari has helped Fiat Chrysler raise cash and will fund its plans for business expansion, which include growing the Alfa Romeo and Maserati brands and bringing more new products to market under its budget brands Dodge, Jeep, Fiat, Ram and Chrysler.
Upon the debut of Ferrari on the Italian stock exchange, Marchionne asserted that the company’s focus is to now return to its rightful place at the top of the Formula 1 podium. He even joked with F1 Team Principal Maurizio Arrivabene – saying that now that all requested investments have been made, he fully expects Ferrari to be where its wants to be in 2016.