Ferrari lists on New York stock exchange

Ferrari is becoming a publicly traded company with its shares listing on the New York Stock Exchange under the ticker symbol RACE.

An initial public offering for a portion of the luxury sports car raised 893.1 million US dollars this week even in what has become a difficult market for initial public offerings (IPOs), amid doubts about the economic recovery.

The IPO valued the company, founded in 1929 by Italian sports driver Enzo Ferrari, at almost 10 billion dollars. The company is based in Maranello, in northern Italy.

Majority stakeholder Fiat Chrysler Automobiles will retain an 80% share in Ferrari. It plans distribute Ferrari stock to its shareholders next year.

The remaining 10% belongs to the Ferrari family.