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Ferrari goes public with RACE on NYSE

Ferrari goes public with RACE on NYSE

Ferrari roared onto the New York Stock Exchange and its shares, trading under the ticker symbol RACE, jumped sharply Wednesday in their public debut.

The company, based in the northern Italian town of Maranello, has been privately held since its founding in 1929 by Italian sports driver Enzo Ferrari.

In 1969, Fiat-Chrysler bought a 50 percent stake in the company, which it then increased to 90 percent in 1988.

For Fiat Chrysler, the IPO raises needed cash and also helps pare debt for the world's seventh largest automaker, which has ambitious plans to expand its Alfa Romeo brand and other higher-margin luxury cars like Maserati.

Fiat Chrysler Automobiles will...