WALL STREET TIDINGS: Fiat Chrysler is cashing in on Ferrari's 10% sale in shares on Wall Street. Image: AFP/ Giuseppe Cacace
Rome, Italy - The sale of 10% of Ferrari shares on Wall Street has earned Fiat-Chrysler Automobiles (FCA) gross proceeds of 982.4-million dollars (13-bln), the Italo-American carmaker said at the close of an initial public offering Monday (October 26).
The announcement came two days before FCA, the world's seventh-largest automotive group, is scheduled to announce its third-quarter results.
FCA still owns 80% of Ferrari's capital and is to redistribute those holdings to shareholders in early 2016, as part of a spin-off deal that should further replenish the automaker's coffers for reinvestment in new models.
Ferrari made its debut on the New York Stock Exchange on Wednesday, to strong demand from investors. The share price jumped to nearly 61 dollars, compared to a pre-sale price range of $48 to $52 and settled to $57 by day's end.
On Monday, the share price was hovering around the $55-mark.