Ferrari roars in debut on Wall Street

The legendary Italian racing car Ferrari brought its trademark roar to Wall Street Wednesday and fans followed suit, its shares easily overtaking the IPO price.
The New York Stock Exchange was decked out in the Ferrari's trademark red and crest of a prancing horse, while eight of the iconic supercars, including driver Sebastien Vettel's F1 model, let loose earthshaking vrooms on the street outside.
The shares, which were sold at USD 52 apiece in an initial public offering Tuesday by parent Fiat Chrysler, broke past USD 60 as trade opened, before settling back around midday at USD 56.25 under the brash ticker name "RACE."

That represented a respectable 8 percent gain in a market which, in recent weeks, has greeted new issues tepidly.
For Ferrari, though, the reception gave the company, which sold just over 7,200 cars last year, a rich valuation of $10.6 billion.
That proved to be a financial boost for Fiat Chrysler, which sold off a nine percent stake in its racecar subsidiary as it seeks cash to pull down debt and to invest in expanded production.

Ferrari's debut was the top financial news of the day, and drew fans outside the exchange, where, in addition to Vettel's F1 car, several other models -- including a 1961 250 California SWB -- were on display.

"I love Ferrari. I've always followed them with the Formula One racing," said Abhishek Ahuja, a tourist visiting New York from Mumbai.
Fiat Chrysler Chief Executive Sergio Marchionne, who also serves as Ferrari's chairman, found it hard to contain his happiness at the success of the IPO, especially given the doldrums of recent US stock trading.
Sporting his trademark cashmere cardigan, he and other Ferrari executives had the honor of ringing the bell to open the New York exchange's trading session Wednesday.
But it was not all good news. Fiat Chrysler's shares quoted on the New York exchange were down 3.9 percent, perhaps in reaction to Ferrari's shares not having risen even higher.