Ferrari (RACE) IPO Opens at $60

Today's IPO for Ferrari (NYSE: RACE) opened for trading at $60 after pricing at $52, the top end of the expected $48-$52 range.

Ferrari offered 17,175,000 shares and will have 188,922,000 shares outstanding following the offering.

The offering is being brought by UBS Investment Bank, BofA Merrill Lynch, Allen & Company, Banco Santander, BNP PARIBAS, J.P. Morgan, and Mediobanca.

In 2014, Ferrari shipped 7,255 cars, and recorded net revenues of EUR2,762 million, net profit of EUR265 million, adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) of EUR693 million and earnings before interest and taxes (EBIT) of EUR389 million.

Ferrari was spun-out from Fiat Chrysler (NYSE: FCAU).

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