Ferrari opens up 15% in trading debut

Ferrari opened at $US60 per share at its trading debut on Wednesday, 15% above its initial-public-offering price of $US52.

The luxury-sports-car maker had priced its IPO at the higher end of the expected range of $US48 to $US52. It was indicated to open between $US59 and $US62 per share.

The stock is trading with the ticker RACE.

About half an hour into trading, the stock was near $US55 a share, giving the company a market cap of about $US10 billion.

The company raised $US893 million at its IPO, according to Bloomberg.

Ferrari is listed in the New York Stock Exchange, which on Wednesday morning had several sports cars parked outside its premises. Chairman Sergio Marchionne rang the NYSE’s opening bell on Wednesday.

The company was spun off from Fiat Chrysler Automobiles, which is expected to offer the public more than 17 million shares, or about 10%. It will raise at least $US4 billion from the Ferrari public offering.

Keep it here, as we’ll have live updates of how the stock trades throughout the day.

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