NEW YORK, Oct. 13 (UPI) -- Automaker Fiat Chrysler debuted on the New York Stock Exchange Monday, a move the company hopes will benchmark it with competitors Ford and General Motors, and interest investors nostalgic for Chrysler's past Wall Street success.
"The formal creation of Fiat Chrysler Automobiles and its debut on the New York Stock Exchange is a historic moment," Fiat Chairman John Elkann, the great-great-grandson of Fiat founder Giovanni Agnelli, exclaimed to the trading floor.
"Today, building on the foundations and aspirations of Fiat and Chrysler, we are beginning a completely new phase that will see our group play a major role in the future of the global automotive industry."
Although publicly listed on the NYSE for the first time, Monday's debut is not considered an initial public offering because Fiat Chrysler has no new shares to offer investors. By listing on the NYSE, Fiat Chrysler CEO Sergio Marchionne hopes the third largest automaker will a cement a reputation as financially comparable to General Motors and Ford
"We will have close to $900 million of stock that is potentially available," Marchionne said according to the Detroit Free Press.
"When that happens depends on market conditions, but it will come back to the U.S. market. The whole objective here is to create float to get the stock trading."
Fiat Chrysler could be publicly listed in Italy, but analysts say trading on the European markets would drastically reduce the relatively fledgling merged-automaker's much-needed visibility.
"Trading in Milan dramatically limits interest," Joe Phillippi, president of AutoTrends Consulting, told Bloomberg.
"Trading in New York, in fact, opens up the company to retail investors, and probably to certain types of institutional investors, too. A lot of people remember the Chrysler of the late '80s and into the '90s, when the stock did extraordinarily well on its own."
Ticker symbol FCAU opened at $8.98 per share, spiked as high as $9.75 before leveling off back around $9.00.