Ferrari is proving that investors are excited about the chance to own stock in a classic 86-year-old Italian car brand. And a sexy stock ticker like RACE doesn’t hurt, either.
Ferrari stock debuted on Wednesday on the New York Stock Exchange with an IPO price of $52 per share. That’s at the high end of the $48-$52 range it had predicted in early filings. Parent company Fiat Chrysler is offering up 9% of the company to the public.
The IPO market has been doom and gloom (see a Fortune panel discuss in the below video), but Ferrari’s success is a reminder of the power of established luxury brands. CNBC noted that the Ferrari IPO “offers Wall Street a distraction” from the slew of recent disappointment.
At the time of writing, Ferrari stock is already trading up above $56.