Fiat Chrysler shares rise after discloses Ferrari IPO price range

Ferrari to soon go public

Milan-listed shares in Fiat Chrysler Automobiles rose more than 1 percent in early trading on Monday after the auto group disclosed the price range for the initial public offering of Ferrari that could value the luxury unit at close to $10 billion.

FCA will sell up to 10 percent of Ferrari in the IPO at a price of between $48 and $52 per share and use the proceeds of the offering to help pay for its own ambitious turnaround plan.

Shares in FCA were up 1.5 percent at 14.02 euros by 0707 GMT, outperforming a roughly flat Milan blue-chip index.

Follow us on Twitter: @CNBCWorld

Related Tags