Ferrari shares off to a strong start

Ferrari NV made its debut on the trading floor on a positive note. Listed at an IPO price of $52 per share, the valuation went up to as much as $60.97 per share, generating around $893 million for parent Fiat Chrysler Automobiles (FCA) according to the Wall Street Journal. The shares closed at $55.

The company is listed under the title ''RACE'' at the New York Stock Exchange and FCA plans to sell 17,175,000 common shares of Ferrari, which equates to around 9% of the company's stake in the Italian sports car brand. This is a part of what will be a series of transactions to separate Ferrari from FCA and following the completion of this offer, FCA is expected to distribute its remaining 80% holding in Ferrari to its shareholders at the beginning of 2016.

One of Ferrari's main selling points is exclusivity and Sergio Marchionne, CEO of FCA, assured Ferrari fans that the IPO would not be a preliminary step in ramping up Ferrari's production levels.