Ferrari to Debut on NYSE With RACE Ticker Symbol in $1 Billion IPO
A ticker symbol is how a company is identified on the stock market and it's usually an abbreviation of the company name. Microsoft is MSFT, General Motors is GM, but when Ferrari joins them, the ticker will be RACE. The company will debut on the New York Stock Exchange in the next few months with a price of between $48 and $52 per share, according to CNN. The initial public offering is hoped to raised $1 billion by selling 10 percent of the company to the general public with another 80 percent going to parent company Fiat Chrysler shareholders. RELATED: See the Incredible 2015 Ferrari FXX-K
If you've been doing the math, then you realize there's still another 10 percent sitting out there. That chunk will stay with the son of Ferrari's founder, Piero Ferrari. So, there's still a Ferrari at the company.
The company's business model has been to produce very few production vehicles, capping the number at 7,000 per year, but last year that number crept up to 7,225 units. That keeps the waiting list going, but also keeps it from getting too long. Still, there are those who wait years for delivery of their car. The ticker may be RACE, but they are in no hurry to make deliveries.
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