NEW YORK (AFP) – Italian automaker Fiat Chrysler Automobiles Monday slid back in its first day of Wall Street trade after shifting its main listing from Milan to attract more investment.
The newly merged Italian auto giant, formed by Fiat’s full acquisition of US automaker Chrysler, debuted on the New York Stock Exchange under the ticker symbol FCAU at $9.00 a share.
Shares closed at $8.92, after hitting a peak of $9.55.
The Wall Street market debut is not an initial public offering, rather it is the transfer of the primary listing of the company’s shares to the United States. Shares will continue to be traded in Milan but on the secondary market. Fiat Chrysler Automobiles, headquartered in the Netherlands with a tax domicile in Britain, became the holding company for the Fiat Chrysler Group on October 12.
The company, whose brands include Fiat, Chrysler, Dodge, Jeep and Alfa Romeo, has operations in about 40 countries and its cars and trucks are sold in more than 150 countries.
For Fiat’s chief executive Sergio Marchionne, the Wall Street launch of the world’s seventh largest automaker marks a major milestone on his years-long effort to create a global automotive powerhouse.