10 per cent of company listed as RACE on NYSE
Thursday 22 October 2015 12:50, UK
Ferrari have begun life on the stock exchange after making their Wall Street debut on Wednesday.
10 per cent of the company has been listed by the Fiat-Chrysler group under the New York Stock Exchange ticker label of "RACE".
The car group which also owns Alfa Romeo and Maserati retain an 80 per cent stake in Ferrari, with the Ferrari family owning the remaining 10 per cent.
Floating a chunk of the business helps the firm raise cash to fund expansion for its Alfa Romeo and Maserati brands and scale back its debt.
The United States is Ferrari's biggest market, with about one-third of sales, equal to that of Britain, Germany, Switzerland, Italy and France combined.
Ferrari reported a net profit of 265m euros (£194m) last year, up 7% from the previous year.
The company also has an extensive range of branded fashion items as well as a Ferrari World theme park in Abu Dhabi, with another set to open in Barcelona.
