Ferrari ignites £ 6 billion IPO float in New York

Ferrari the sports car giant raced to $10billion (£6.5billion) ahead of its first day of trading in the New York Stock Exchange. Parent Company Fiat Chrysler automobiles raised $893million £580.5million form an IPO that attracted strong investor interest as the company sold 17.2 million shares at £52 each, but underwriters could take a further 1.7million shares, reducing Fiat Chrysler’s remaining stake in the business to 80 percent.

The Ferrari share sale values at $9.8billion £6.37 billion. Fiat shares fell today by 3 percent.

Piero Lardi Ferrari 45, the second and only living son of founder Enzo Ferrari retains 10 percent stake. and also runs his own engineering business and is Chairman of Piaggio Aero Industries.

The 200 times Grand Prix winner sold 7255 cars last year generating sales of $2.8billion £1.82 billion.