Shares of Ferrari N.V. raced to a solid gain in its first day of public trading Wednesday. Ferrari shares gained $3, or 5.8%, to end the day at $55. Shares of the Italian car maker traded as high as $60.97, but gains for the company came as the broader stock market retreated. The Ferrari family owns 10% of the luxury sports-car maker, while Fiat Chrysler Automobiles owns the remaining stake. Ferrari’s relatively strong showing marks a bright spot for an otherwise lackluster IPO market, which has seen a number of offerings either pulled or discounted in an effort to lure prospective buyers. Ferrari benefited from its widely recognized brand name and its appeal as a high-end, luxury asset.
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