Shares of Ferrari (NYSE:RACE) raced to $60 in the luxury automaker's Wall Street debut.
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The IPO was priced in New York on Tuesday at $52 per share, the top end of its indicated $48 to $52 per share range, according to people familiar with the matter. The IPO gives Ferrari a market capitalization of around $9.8 billion. Shares of the iconic sports car brand will trade under the symbol RACE. The IPO, which includes 10% of Ferrari, raised $893 million. FCA is on pace to raise a total of approximately $4 billion through the spinoff, including cash that Ferrari will pay to FCA.