Yesterday was the first day of Ferrari on Borsa Italiana, Italy’s main stock exchange, after the mid-December approval of the listing of company’s common shares on the Mercato Telematico Azionario.
On Monday, Ferrari has debuted with the ticker symbol RACE on the Italian Stock Exchange. “Ferrari: A new milestone, a new start,“ these were the words Chairman Sergio Marchionne inscribed in the guest book of the Borsa Italiana during the Ferrari Listing Ceremony on the Mercato Telematico Azionario. The stock began trading after Marchionne, FCA Chairman John Elkann, Ferrari CEO Amedeo Felisa and Ferrari Vice Chairman Piero Ferrari rang the traditional opening bell.
The listing of the common shares of Ferrari on the MTA concludes a series of transactions intended to separate Ferrari N.V. from Fiat Chrysler Automobiles N.V. and to deliver FCA’s holders Ferrari common shares in accordance with a spin-off ratio of one Ferrari common share for every ten FCA common shares.
The Milan debut has happened about three months after the Italian brand’s initial public offering and its listing on the New York Stock Exchange. Fiat Chrysler sold 18.89 million shares of Ferrari stock, or 9 percent of the company in October, at the initial public offering price of 52 dollars per share, thus raising 982.4 million dollars. This strategy is part of FCA’s CEO Marchionne wider plan to invest 52 billion dollars in a five-year term with the intention to develop and improve the company’s brands.