Throaty engines roar as Ferrari shares make Milan debut
MILAN : Legendary car maker Ferrari completed its spin off from Fiat Chrysler Automobiles with a debut on the Milan stock exchange on Monday, its shares opening at 43 euros before slipping in early trading.
Eight gleaming sports cars lined up in front of Milan’s “Midnight Palace” including the latest F12 Tdf model and the throaty roar of Ferrari engines could be heard throughout the listing ceremony, attended by Prime Minister Matteo Renzi.
Trading under the RACE ticker saw shares drop to 41.75 euros in a broadly depressed market, before being briefly suspended and then climbing to 42.37 euros.
Chairman Ferrari Sergio Marchionne said, “From the moment we announced the split from FCA, a journey came to an end,” referring to the racer’s emergence as an independent company for the first time in 47 years.
“But the truth is that today another big chapter is beginning. This listing marks Ferrari’s independence, which is essential in maintaining its development and potential,” he said, promising customers “ever-more exclusive models”.
Ferrari, known for its high-price sports cars, is the biggest and most glamorous name in Formula One racing.