On Monday, January 4th 2016, Ferrari officially listed with the ticker symbol RACE on the Italian Stock Exchange. Ferrari now have stock listing on both the MTA and the NYSE.
“Ferrari: A new milestone, a new start”
These were the words Sergio Marchionne inscribed in the guest book of the Italian Stock Exchange during the Ferrari Listing Ceremony on the MTA. Raffaele Jerusalmi, CEO of Borsa Italiana (the Italian Stock Exchange) presided over the ceremony, which took place a few months following Ferrari’s debut on the New York Stock Exchange last October 21st, while Matteo Renzi, Prime Minister of Italy, was the guest of honour.
The stock began trading after Ferrari Chairman Sergio Marchionne, FCA Chairman John Elkann, Ferrari CEO Amedeo Felisa and Ferrari Vice Chairman Piero Ferrari rang the traditional opening bell.
Thereafter Marchionne held a brief speech, during which he thanked Prime Minister Renzi for attending the ceremony, and for what he is doing for the country. He underlined the fact that Ferrari’s listing on the MTA represents a new start, rather than a point of arrival, emphasizing that the now complete spin-off from FCA reaffirms the independence Ferrari has always enjoyed within the group.
Furthermore, he highlighted the brand’s Italian heritage and thanked John Elkann and Piero Ferrari, heirs of Giovanni Agnelli and Enzo Ferrari, who in 1969 forged a great alliance based on mutual respect. Marchionne also paid tribute to the city of Milan (represented in the audience by Francesca Balzani, Vice Mayor of Milan) where Enzo Ferrari began his career behind the wheel of an Alfa Romeo.
Naturally, Marchionne also made reference to the impending Formula 1 season. He joked with Team Principal Maurizio Arrivabene that now that all requested investments have been made, he expects Ferrari to return to return to its rightful place at the top of the sport.
Joking aside, as a publicly listed company Ferrari are now, more than ever, answerable to shareholders. Whilst short to medium term investment and commitment to Formula One may be assured, it the team do not see success continued support could be increasingly difficult to justify. A cost conscious Ferrari could ultimately be beneficial to Formula One with a clear budget cap and therefore annual cost being of appeal to the banking / investment community.