Super sports carmaker Ferrari is following up its successful Wall Street listing with a stock market launch in Milan, as it begins a new era as a stand-alone company free of mass-market associations.

The company famed for its Formula 1 racing machines and coveted red roadsters began trading Monday morning, the first business day of the year, at 43 euros ($47) under the RACE ticker, and slipped to 41.75 euros. Ferrari made its public debut on the New York Stock Exchange in October.

The new company, which completes its separation from its former mass-market parent Fiat Chrysler Automobiles SpA, is controlled by Exor SpA, the Agnelli family holding company that also controls Fiat Chrysler, with a 23.5-percent share, and Piero Ferrari, founder Enzo Ferrari's son, who retains a 10-percent stake.