Fiat Chrysler Automobiles made its Wall Street debut to great fanfare on Monday, shifting the carmaker's center of gravity away from Italy and capping a decade of canny dealmaking and tough restructuring by CEO Sergio Marchionne.
Trading under the ticker FCAU, Fiat Chrysler's shares opened at $9 in New York, up from a Friday close for the predecessor company Fiat of $8.7, and rose to as much as $9.55 in early trading. In Milan, where the company will keep a secondary listing, shares rose more than 4 percent during the session and were up 0.9 percent at 1440 GMT (10:40 a.m. EDT).
The world's seventh-largest auto group has sought the U.S. listing to help to establish itself as a leading global player through access to the world's biggest equity market and the cheaper, more reliable source of funding it ultimately offers.
"Our listing today on Wall Street is the culmination of 5½ years' work to achieve an extraordinary union,'' Marchionne said. "Today marks the beginning of our journey as one global automaker, one FCA.''