$9.8 Billion Valuation for Ferrari

The sports car manufacturer priced its initial public offering on Tuesday at $52 a share, the top end of an expected price range, raising more than $894 million for its corporate parent, Fiat Chrysler.

Sourced through Scoop.it from: www.nytimes.com

The sports car manufacturer priced its initial public offering on Tuesday at $52 a share, the top end of an expected price range, raising more than $894 million for its corporate parent, Fiat Chrysler. The stock sale values the racecar specialist at about $9.8 billion.

Ferrari begins trading on the New York Stock Exchange on Wednesday morning under — what else? — the ticker symbol RACE, at a tough time for European automakers. Weeks earlier, shares of its parent and those of other European automakers sagged for a time in the wake of the diesel emissions cheating scandal at Volkswagen.

It will also triumphantly enter a stock market that has proved trying for many other market debutants.

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