Shares in Ferrari rise 15 percent in the luxury group's Wall Street debut as investors vied to grab a slice of the maker of sports cars for the super rich. Rough Cut (no reporter narration)
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. stocks opened higher on Wednesday (October 21) as investors cheered strong third-quarter results by industry heavyweights Boeing and General Motors. Shares in Ferrari rose 15 percent to $60 in the luxury group's Wall Street debut on Wednesday after it priced its share offering at the top end of an indicated range as investors vied to grab a slice of the maker of sports cars for the super rich. Limiting the offering to a 10 percent stake helped parent Fiat Chrysler Automobiles (FCA) push up the value of the supercar maker, defying a choppy U.S. market this year in which several big IPOs were discounted or delayed. FCA raised $893 million through the offering of 17.2 million shares in Maranello-based Ferrari at $52 each, the top end of a range of between $48 and $52, giving the company bearing the prancing horse emblem a stock market value of $9.8 billion. The proceeds may rise to $982 million if a "greenshoe" option is exercised.