Probably not a bad investment to make.
About a year ago, Fiat Chrysler Automobiles (FCA) announced that it would spin off Ferrari and list its shares on the New York Stock Exchange. More recently, it was reported that Ferrari had an estimate value as high as $11.2 billion. A more recent estimate has a market capitalization value of $9.8 billion. Still not exactly chump change. But today is the big day because Ferrari is having its initial public offering. Under the apt ticker RACE, its shares will begin trading in the coming hours, and you can buy them. For a price of $52 a share, to be precise.
All told, 17.18 million shares are set to be offered, about 9 percent of the company. FCA will earn around $893 million as a result of the listing. Ferrari will also be taking on some of FCA’s debts, bringing in an enterprise value of nearly $12 billion. FCA CEO Sergio Marchionne is on hand to ring the opening bell alongside Piero Ferrari, Enzo Ferrari’s son, and FCA chairman/ Agnelli family scion John Elkann. 91 percent of Ferrari will remain with shareholders while the Agnelli family will receive 25 percent and Piero Ferrari retaining 10 percent.