Ferrari value surges in IPO

Ferrari's IPO has seen returns above projections since sales began Wednesday on the New York Stock Exchange under the ticker "RACE".

Ferrari secured a $10 billion valuation on the first day of stock sales, priced at $52 a share, and since then the stock has traded in the $55 to $60 range. The promising numbers validated Fiat Chrysler chief executive Sergio Marchionne's plan to offer shares of the company in the U.S. market.

Prior to the IPO, analysts had been cautious about its prospects, noting the economic slowdown in China could diminish demand for high-end luxury goods like Ferrari automobiles.

Fiat Chrysler plans to offer 17.2 million shares of Ferrari, comprising about nine percent of the company.  The rest of Fiat Chrysler's 90 percent stake in the Prancing Horse will be distributed to existing shareholders. Piero Ferrari, son of founder Enzo and the company's vice-chairman, will retain his 10 percent stake.

The first official earnings announcement is expected on Oct. 28.