Ferrari shares begin trading on NYSE

October 21, 2015 2:55 PM

50 0

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.

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