Ferrari Hits the New York Stock Exchange With the Coolest Ticker Symbol Ever

Ferrari Hits the New York Stock Exchange With the Coolest Ticker Symbol Ever
From www.justluxe.com, by Mila Pantovich

Not only did Ferrari's parent company, Fiat Chrysler Automobiles (FCA), announce the marque’s impending arrival on Wall Street yesterday, they also revealed that the ticker symbol will be “RACE” (making it the coolest on the Stock Exchange).  

FCA currently holds 90 percent of Ferarri’s issued/outstanding capital and once the initial public offering (IPO) is launched in a couple of weeks, they hope to sell at least 7,175,000 common shares (which is around nine percent). Though 90 percent sounds like the whole company, Piero Ferrari (Enzo’s son) still holds 10 percent and as far as we know, isn’t planning on changing that anytime soon.

The estimated price per FCA share is $48-$52, which according to CNBC, could up Ferrari’s value to $9.8 billion. “Following completion of this offering, FCA expects to distribute its remaining 80 percent interest in Ferrari to FCA shareholders at the beginning of 2016,” FCA’s official press release states. The move will make it possible for Fiat Chrysler to focus on the other brands under its arms, like Maserati and Jeep. 

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