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Ferrari shares race 15% higher in Wall Street debut | |
(34 minutes later) | |
Shares in sports car maker Ferrari have gained 15% on the company's first day of trading in New York. | |
A sale of 10% of the shares in Ferrari for $52 each raised $893.1m (£578m) for its owner Fiat Chrysler, which now owns an 80% stake in the company. | |
As trading began. Ferrari's shares rose to $60, valuing the company at more than $10bn. | |
The Ferrari family owns 10% of the firm, which was founded by Enzo Ferrari in Modena, Italy. | |
It is now based in nearby Maranello. | |
Shares in Fiat Chrysler fell more than 4% after Ferrari's debut on Wall Street. | Shares in Fiat Chrysler fell more than 4% after Ferrari's debut on Wall Street. |
Ferrari produced its first car, the 125 S, in 1947. The symbol of the firm, a prancing horse - "Cavallino Rampante" - was adopted by Ferrari after being used by an Italian World War 1 pilot, Francesco Baracca, who had it painted on the fuselage of his aircraft. | |
"Ferrari red" was the colour assigned by the International Automobile Federation to all Italian Grand Prix cars early in the 20th Century. | |
In 1969, Mr Ferrari sold the Fiat Group a 50% stake in the company, which was increased to a 90% stake in 1988. | In 1969, Mr Ferrari sold the Fiat Group a 50% stake in the company, which was increased to a 90% stake in 1988. |
Ferrari lists at a choppy time for the stock market, as a number of share listings have been cancelled or delayed. | Ferrari lists at a choppy time for the stock market, as a number of share listings have been cancelled or delayed. |