Fiat Chrysler is spinning off Ferrari, and one step along that journey is an initial public offering for the famed sports car maker.
FCA isn’t throwing the whole company out there, just a 10% stake (for now) listed on the New York Stock Exchange under the ticker RACE. The offering price was $52, at the top of its range, and the first trades today (Oct. 21) bumped it up to $60.
The IPO stake was valued at $893 million, which means Ferrari left more than $130 million on the table. CNBC reported that the offering’s underwriters had considered bumping up the price to $53 per share, which would have given the company an extra $17 million, but the company’s executives didn’t want to look greedy.