Ferrari Sets IPO Price & Ticker Name

(The Ferrari 458 Speciale A. Image via Ferrari website)

Ferrari parent company Fiat Chrysler Automobiles announced today it plans to set the trading price for the impending Ferrari IPO at $48 to $52 per share and sell off roughly 10% of the company. The automotive company hopes to raise about $1 billion from the investors.

After the IPO, Fiat Chrysler shareholders will be given the remaining Ferrari shares to split the luxury car manufacturer from its parent company.

The company also announced that Ferrari’s ticker is going to be RACE, which is one of the most fitting stock tickers currently being used (Stay tuned for our list of best stock tickers).

Ferrari, as seen from the photo above, is known for making some of the most beautiful cars the world has ever seen, as well as making some of the most exclusive cars to own. Historically, Ferrari capped production at 7,000 vehicles per year to maintain the high demand, a strategy that made the company’s brand one of the most valuable in the world.

Due to the increasing waiting lists, which can last for years, Ferrari began to slightly expand its production, delivering 7,255 cars last year. The automobile company reported $3.3 billion in sales last year, resulting in $302 million in profits.