After pricing its shares at the top of the expected range, luxury racecar maker Ferrari became a publicly traded company on Wednesday. The stock saw a modest pop, officially making the founder’s only living son, Piero Lardi Ferrari, a billionaire.
Ferrari’s shares had been priced at $52 apiece late on Tuesday, meaning the 17.18 million shares parent Fiat Chrysler sold raised $893 million. Piero Ferrari, who isn’t expected to be disposing of his shares, is sitting on approximately 10% of the company, or 18.89 million shares, and is subject to a 90-day lockup.
His shares were worth $982.28 million at the IPO price, yet the stock had a nice little jump at the open despite skepticism regarding market appetite for new issuance. It briefly broke above $60 before settling around $56 by 10:15 AM in New York. Along with cash and other assets, Piero Ferrari’s net worth stood at more than $1.3 billion. For a detailed breakdown and an explanation of the IPO, read Ferrari IPO: Piero Lardi Ferrari To Become A Billionaire Worth More Than $1.3B.
