Ferrari Climbs in U.S. Debut After IPO Prices at High End
- Supecar-maker listing marks first step in Fiat spinoff plans
- Agnelli family, Piero Ferrari to join forces to secure control
Can Ferrari Save the IPO Market?
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Ferrari NV climbed 5.8 percent in its first day of trading, marking a successful step in Fiat Chrysler Automobiles NV’s plans to spin off the supercar maker to finance expansion plans.
Shares in the maker of the $240,000 458 Italia sports car closed at $55 in New York, giving the company a market value of about $10.4 billion. Earlier, they rose as much as 17 percent. The stock priced at $52 in its IPO, the top end of the marketed range. Fiat Chrysler kept demand high by limiting the public listing of the car brand to no more than 10 percent of the unit.