Ferrari’s share offering on the NYSE stayed true to form when debuted to the public.
The Maranello-based manufacturer’s shares, trading as RACE, jumped sharply upon released.
Its addition to Fiat-Chrysler meant alarm bells for many, Sergio Marchionne Chrysler chief executive and Ferrari chairman was on the floor, saying all the right things.
“What is at the heart of the brand is this intimate relationship between us and the customer base. We have 60 per cent of the people that buy our cars every year are returning customers,” Marchionne said. “And therefore it would be almost suicidal to try and expand volumes to the detriment of that relationship.”
Marchionne’s comments come as contrast to filings from consultant IHS Automotive suggesting volumes would increase between 7000 and 8000 cars per year, and then to 9000 by 2019.
Fiat Chrysler Automobiles keeps its 80 per cent share in Ferrari, and reportedly plans to distribute Ferrari stock to shareholders. With 10 per cent up for grabs by public players, the remainder will continue to belong to the Ferarri Family.
The IPO still managed to raise a solid US$893m this week.
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