MILAN (AP) - Fiat Chrysler Automobiles has launched the long-anticipated initial public offer of a stake in its luxury sports carmaker Ferrari.

MILAN (AP) Fiat Chrysler Automobiles has launched the long-anticipated initial public offer of a stake in its luxury sports carmaker Ferrari.

Fiat Chrysler said in a statement Monday that the IPO price on the New York Stock Exchange is expected to be between $48 and $52 per share. Shares will be traded under the symbol RACE.

After the public listing, Fiat Chrysler, which owns 90 percent of Ferrari, will retain about an 80 percent share, which it said it intends to distribute to its own shareholders early next year. Fiat said the offering is part of a "series of transactions to separate Ferrari from FCA."

The spin-off is aimed at distinguishing the luxury brand from its mass-market parent, while raising money to support Fiat Chrysler's growth plans.