NEW YORK: Ferrari raised $893 million in its US initial public offering, pricing the shares at the top end of the marketed range after investor demand in the supercar maker outstripped the stock available by as much as 10 times.
Majority shareholder Fiat Chrysler Automobiles, which is selling a 9 percent stake in the Italian brand, priced 17.18 million shares at $52 each, according to a statement this week, after offering them for $48 to $52 apiece.
Ferrari plans to sell as many as 18.89 million shares, 10 percent of the company, at $48 to $52 each, according to an October 9 filing with the US Securities and Exchange Commission.
The shares will trade on the New York Stock Exchange under the symbol RACE.
Fiat Chrysler plans to distribute its remaining 80 percent stake in Ferrari to its own investors early next year. Piero Ferrari will retain his 10 percent holding.
Ferrari shares are ‘oversubscribed’ at $52 each
Ferrari shares are ‘oversubscribed’ at $52 each
