NEW YORK, Oct. 21 (UPI) -- Stock in Ferrari, the mystique-laden sports car manufacturer, began trading on the New York Stock Exchange on Wednesday valued at $52 a share.
Ferrari, spun off from owner Fiat Chrysler Automobiles, raised $893 million through an oversubscribed initial public offering of 17.18 million shares, or 9 percent of its stock, and began the trading day. It has a market capitalization of about $9.8 billion.
Piero Ferrari, son of Enzo Ferrari, the company's founder, will maintain his 10 percent share, and Fiat Chrysler shareholders will retain the remainder of the shares.
The Italy-based company reported $3.3 billion in sales in 2014, and a $302 million profit.
Fiat Chrysler CEO Sergio Marchionne, Piero Ferrari and FCA chairman John Elkann were invited to the New York stock Exchange to ring the bell beginning trading Wednesday. Ferrari's stock symbol is RACE.
While owning stock in Ferrari could be a bragging point, Fiat Chrysler will use funding from the Ferrari spinoff to refinance an investment plan. The plan is expected to lead to new models coming from its other brands, which include Alfa Romeo, Jeep, Chrysler and Maserati, each of which is considered to have greater potential for increased returns.
