Ferrari N.V. (NYSE: RACE) has officially closed its initial public offering (IPO) with all shares under its overallotment option having been sold as well. Initially the offering was a hit and the stock rose over the $60 price level. The shares were originally sold in the offering at the $52 price level, but it seems now they have crossed under this level.

When the shares first hit the market, this bucked the trend of a slowdown in the IPO market when it priced shares at the top end of expectations and subsequently rose in first-day trading.

The company was spun out of Fiat Chrysler Automobiles N.V. (NYSE: FCAU), which owned 90% of Ferrari’s stock prior to the IPO. FCA sold a 10% stake in the IPO and will distribute its remaining 80% stake to FCA shareholders at a future date. The other 10% of the stock is owned by founder Enzo Ferrari’s son Piero.

The IPO raised $893 million by selling 17.2 million shares, which sets a value on the company of around $9.5 billion. In the past 12 months, Ferrari has posted $3.2 billion in revenues and profits of $317 million.

According to British brand research firm Brand Finance, Ferrari last year was named the world’s most powerful brand for the second year running. That brand power sold just 7,000 cars in 2014, but with a starting price of around $200,000 for a Ferrari California and a base price of $320,000 for the F12berlinetta, it doesn’t take many to get the cash register ringing. And customization revenues add even more to the company’s top line.

Shares of Ferrari were last seen trading down nearly 10% at $49.65, with a post-IPO trading range of $49.36 to $60.97.

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