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Ferrari owners drive stock price on Wall Street

by Bill Cawthon on

Reuters reports that enthusiastic Ferraristi snapped up yesterday’s new shares of Ferrari, driving the initial public offering price to $52 per share, at the top of the estimated range. This places the value of the IPO at about $893 million.

Ferrari-Cash

Fiat Chrysler Automobiles is selling a 9.1% stake in Ferrari as the first step in spinning off the legendary brand to fund its overhaul of Alfa Romeo, along with the international buildup of Jeep, Maserati, and Fiat. The stake is lower than the 10% originally announced.

Analysts estimated that, with the proceeds of the IPO, FCA could see up to $4.2 billion from Ferrari. Piero Ferrari, Enzo Ferrari’s son, will enter the ranks of billionaires based on the higher valuation of his 10% stake in Ferrari. FCA stock owners will get the rest of the shares, but not for some months.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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