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Fiat Chrysler Automobiles NV must be so proud of itself after seeing shares of its iconic brand, Ferrari NV, soar past expectations in its first day of training today.
Bloomberg said that Ferrari climbed as high as 17 percent at USD60.97 per share. Moreover, the car company reportedly made the stock attractive to users as it limited the percentage stake offered in the initial public offering, which is no more than 10 percent.
Detroit News said the Ferrari spinoff was a move by Fiat Chrysler to bolster funds to finance its ambitious five-year growth plan. On the first day of trading, Fiat Chrysler pull all the stops by creating a row of over a half-dozen Ferraris on Wall Street. Aside from the banners and the Italian flags, the company played the sound of cars revving at the exchange.
The total windfall Fiat Chrysler, including IPO proceeds and some EUR2.8 billion to be transferred to them thanks to the spin-off, was calculated at around USD4.2 billion, Reuters said.
