Ferrari IPO prices at $52/share, within range

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Ferrari IPO prices at $52 per share
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Ferrari officially priced its initial public offering at $52 a share after the market close on Tuesday.

According to the sources familiar with the matter, the demand for shares was "well oversubscribed." The company has been planning its trading debut for Wednesday.

The price is at the top of the previously indicated range of $48 to $52 per share and gives Ferrari a market capitalization of around $9.8 billion. As part of the planned IPO, the carmaker is floating about 17.18 million shares to the public, representing about 9 percent of the company. Ferrari raised nearly $900 million in public capital in the process.

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After the investor order books closed late on Monday,underwriters and company executives seriously considered pricing the IPO at $53, a dollar above the stated range, according to a person familiar with the matter. Ultimately, though, in a pricing call held shortly after 4 p.m. on Tuesday, Ferrari officials opted not to set too ambitious a pricing point in hopes of sending a message of prudence to the investment community, this person added. They also hoped to pave the way, said people familiar with the matter, for an upsurge in Ferrari's first day of public trading.

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The Ferrari family owns 10 percent; Fiat Chrysler owns the remaining 90 percent of the company. Fiat Chrysler's stake will be reduced to 80 percent after the IPO.

The IPO comes just one week after bad news from Wal-Mart caused supermarket chain Albertsons to postpone its own offering amid negative pricing pressure and payment processing company First Data to debut below its price range.

Ferrari's ticker on the NYSE will be RACE.

— CNBC's Kate Kelly, Bob Pisani, Ritika Shah and Reuters contributed to this report.

Correction: This version was updated to reflect that Fiat Chrysler owns 90 percent of Ferrari, and that Fiat Chrysler's stake will be reduced to 80 percent after the IPO. Ferrari's IPO priced at the top of its expected range. That fact was misstated in a headline on an earlier version of this article.