Ferrari opened at $60 per share at its trading debut on Wednesday, 15% above its initial-public-offering price of $52.
The luxury-sports-car maker had priced its IPO at the higher end of the expected range of $48 to $52. It was indicated to open between $59 and $62 per share.
The stock traded with the ticker RACE.
It closed up about 5.7%, giving the company a market cap of about $10.4 billion.
The company raised $893 million at its IPO, according to Bloomberg.
Ferrari is listed in the New York Stock Exchange, which on Wednesday morning had several sports cars parked outside its premises. Chairman Sergio Marchionne rang the NYSE’s opening bell on Wednesday.
The company was spun off from Fiat Chrysler Automobiles, which was expected to offer the public more than 17 million shares, or about 10%. It will raise at least $4 billion from the Ferrari public offering.
- Google Finance