Ferrari shares race 15% higher in Wall Street debut

Shares in sports car maker Ferrari have gained 15% on the company’s first day of trading in New York.

A sale of 10% of the shares in Ferrari for $52 each raised $893.1m (£578m) for its owner Fiat Chrysler, which now owns an 80% stake in the company.

As trading began. Ferrari’s shares rose to $60, valuing the company at more than $10bn.

The Ferrari family owns 10% of the firm, which was founded by Enzo Ferrari in Modena, Italy.

It is now based in nearby Maranello.

Shares in Fiat Chrysler fell more than 4% after Ferrari’s debut on Wall Street.

Ferrari produced its first car, the 125 S, in 1947. The symbol of the firm, a prancing horse – “Cavallino Rampante” – was adopted by Ferrari after being used by an Italian World War 1 pilot, Francesco Baracca, who had it painted on the fuselage of his aircraft.

“Ferrari red” was the colour assigned by the International Automobile Federation to all Italian Grand Prix cars early in the 20th Century.

In 1969, Mr Ferrari sold the Fiat Group a 50% stake in the company, which was increased to a 90% stake in 1988.

Ferrari lists at a choppy time for the stock market, as a number of share listings have been cancelled or delayed.