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Report: Ferrari prices IPO at $52

Ferrari
Ferrari

(Ferrari Facebook)

Ferrari has priced its IPO at $52, according to Reuters.

The company is being spun off from parent Fiat Chrysler Automobiles. At this pricing, the IPO is expected to raise $890.5 million and value the Italian automaker at $9.82 billion.

This falls inline with the high end of analyst projections which estimated shares to be priced between $48 to $52 per share.

FCA is expected to offer more than 17 million shares or 10% of the company to the public. FCA and its investors will retain 80% of the Modena, Italy-based automaker. Ferrari heir Piero Ferrari will retain the final 10% share of the company founded by his father.

Shares of Ferrari will begin trading Wednesday on the New York Stock Exchange under the symbol RACE.

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