Ferrari Debuts On Milan Stock Exchange

(RTTNews) - Italian luxury sports car maker Ferrari NV (RACE) started a new chapter in its history as a stand-alone company and debuted on Milan stock exchange on Monday morning at 43 euros.

The new company completed its separation from former parent Fiat Chrysler Automobiles SpA on January 3. Fiat Chrysler on Sunday distributed to shareholders its remaining 80 percent stake in Ferrari. Investors received one Ferrari share for every 10 Fiat Chrysler shares they owned.

The supercar maker, famed for its Formula 1 racing machines and coveted red roadsters, had made its public debut on the New York Stock Exchange in October.

Ferrari common shares commenced trading on the Mercato Telematico Azionario or MTA on Monday, under the RACE ticker symbol and the ISIN code NL0011585146.

FCA earlier had said that it would deliver a total of 22,243,588 Ferrari common shares in relation to a total of 2.875 billion of mandatory convertible bonds in circulation. That includes the nearly 18.9 million shares, or 9 percent of Ferrari stock, that was listed on the New York exchange last October.

The remaining 10 percent will be held by Piero Ferrari, son of the company's founder Enzo Ferrari. Ferrari's shipments during the third quarter were up 19 percent, resulting in 62 percent growth in net revenues.

As the profit making Ferrari finds standalone status, Fiat Chrysler Chief Executive Officer Sergio Marchionne is going on with the ambitious, 48 billion euros revamp of Fiat Chrysler. Amid the slowing Chinese demand and a drop in Brazil's car market, FCA's Alfa Romeo and Maserati divisions are not bringing out new models as the company's spending emphasis shifts to expanding the Jeep sport utility vehicle brand.