Ferrari shares soar on Wall Street launch
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Ferrari shares soar on Wall Street launch

(AGI) Rome, Oct 21 - Ferrari shares soared on their Wall Streetdebut. With the code RACE, the company's shares debuted on theNew York Stock Exchange with a rise of 14.73 percent to 60dollars. The placement was priced at 52 dollars. On WallStreet, from a stage emblazoned with the Ferrari colours andlogo, the CEO of Fiat-Chrysler (FCA), Sergio Marchionne, openedthe debut session on the NYSE. Mr Marchionne wore a blackpullover. FCA chairman Jon Elkann sported the Maranello colourswith a red jumper, and the CEO of the NYSE, Tom Farley, had ona red
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(AGI) Rome, Oct 21 - Ferrari shares soared on their Wall Streetdebut. With the code RACE, the company's shares debuted on theNew York Stock Exchange with a rise of 14.73 percent to 60dollars. The placement was priced at 52 dollars. On WallStreet, from a stage emblazoned with the Ferrari colours andlogo, the CEO of Fiat-Chrysler (FCA), Sergio Marchionne, openedthe debut session on the NYSE. Mr Marchionne wore a blackpullover. FCA chairman Jon Elkann sported the Maranello colourswith a red jumper, and the CEO of the NYSE, Tom Farley, had ona red jacket. Piero Ferrari and the sports car company'scurrent CEO, Amedeo Felisa, were also present. In the meantimetraders were waiting for the stock to find its price. Given thehigh demand, in excess of 2 million shares, it is assumed thatthe starting price will settle in the higher part of a spreadbetween 62 and 69 dollars. Ferrari does not plan to increaseproduction without a significant increase in demand. Otherwise,"it really destroys the exclusivity of the brand", said SergioMarchionne, interviewed by Canadian broadcaster CNBC.. .

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