Fiat Chrysler Automobiles (FCA) raised $893 million (€800 million) from Ferrari’s US initial public offering at the New York Stock Exchange. As expected, the shares got priced at the top end of the marketed range as investor demand vastly exceeded the stock available.

FCA, Ferrari NV’s majority shareholder, priced 17.18 million shares at $52 each (€46.5), with the total number of shares offered as part of the IPO accounting for 9 percent of Ferrari. Considering that Fiat Chrysler raised $893 million for its 9 percent Ferrari stake, it means that Ferrari as a whole has a value of about $12 billion, including Fiat debt.

The shares started trading on Wednesday, October 21, and are listed on the New York Stock Exchange under the symbol RACE. Ferrari Chairman Sergio Marchionne, who is also Fiat Chrysler’s CEO, rang the opening bell at the NYSE with other executives, including Vice Chairman Piero Ferrari, the son of founder Enzo Ferrari, and Fiat Chrysler Chairman John Elkann, the head of the Agnelli family.

The Agnellis will become Ferrari’s biggest shareholder after the sports car manufacturer’s spinoff from parent company FCA next year. The family’s holding company, Exor SpA, will own about 23 percent of Ferrari.

As for Enzo Ferrari’s son, the IPO officially made him a billionaire, with a fortune of $1.4 billion estimated by Bloomberg Billionaires Index. However, Piero Ferrari said he never planned to sell his 10 percent stake in the company founded by his father and that he has no intention to do so now.

Fiat Chrysler is expected to raise more than $4 billion from taking Ferrari public, including an extra 1.7 million shares in an overallotment to underwriters, plus €2.8 billion ($3.2 billion) in additional cash that Ferrari will provide before next year’s spinoff.

Fiat Chrysler plans to distribute its remaining 80 percent stake in Ferrari to its own investors in early 2016.

Story references: Ferrari, Bloomberg

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