Ferrari will begin its new, public life with a glorious symbol on the New York Stock Exchange

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Ferrari is officially coming to the New York Stock Exchange, with a glorious ticker symbol, RACE.

Ferrari’s parent company, Fiat Chrysler Automobiles (FCA), announced Monday it was officially launching the initial public offering of 9% of its shares, as part of the larger plan for a Ferrari spin off. FCA is looking to raise $1 billion when Ferrari is listed on the New York Stock Exchange (NYSE) in the coming months.

After the IPO, FCA will distribute its remaining shares (accounting for 80% of Ferrari) to its shareholders, with founder Enzo Ferrari’s son Piero retaining his 10% stake. FCA CEO and black sweater enthusiast Sergio Marchionne will retain his position as Ferrari’s chairman, a job he took after the resignation of Ferrari chairman Luca Di Montezelmolo. Read more…

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