After pricing an initial public offering (IPO) on Tuesday at the top of its expected range, Ferrari N.V. (NYSE: RACE) leaped out of the pack Wednesday morning at an opening bid of $60, about 15% above its $52 a share IPO price. The stock peaked at $60.95.

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.

Joint bookrunners for the offering are UBS Investment Bank, Bank of America Merrill Lynch, Allen, Banco Santander, BNP Paribas, JPMorgan and Mediobanca.

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.

Wednesday afternoon the stock traded up about 6.5% at $55.37. The day’s range is $55.15 to $60.95 and more than 18 million shares had changed hands so far.

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