The shares, with the brash “RACE” ticker symbol, eased off to closer to $57 as trade developed, but that was a solid success given the weakness of recent initial public offerings on US markets.
Shares of supercar maker Ferrari rocketed as high as $60 as they first traded on the New York Stock Exchange on Wednesday, 15 percent above the IPO price of $52.
The legendary mark of the prancing horse made a strong debut after owner Fiat Chrysler Automobiles floated off nine percent of the company in a share sale that valued the racing giant at $10 billion.
The shares, with the brash “RACE” ticker symbol, eased off to closer to $57 as trade developed, but that was a solid success given the weakness of recent initial public offerings on US markets.
The New York exchange was decked out in Ferrari’s hallmark red racing colors as the company promised a strong future despite rising competition from an expanding choice of $200,000 to $2 million supercars.
Fiat Chrysler chief executive and Ferrari chairman Sergio Marchionne told CNBC TV that the company is planning to ramp up sales modestly from a bit over 7,000 units a year to 9,000 by 2019, not so much as to undermine the brand’s air of exclusivity.
“What is at the heart of the brand is this intimate relationship between us and the customer. It would be almost suicidal to try to expand volumes to the detriment of that relationship.”
As for the competition, he added without mentioning specific names, they “are not at par with a Ferrari.”