Ferrari NV sparkled on its first day of trading Wednesday as the luxury sports car maker celebrated the first step toward becoming an independent company.

The stock traded as high as $60.97, or 17% above the $52-a-share price of the initial public offering that raised $893 million for parent company Fiat Chrysler Automobiles NV. Shares closed at $55, up 5.8%.

About 9% of Ferrari is publicly traded, creating a scarcity premium that is helping sustain the share price, according to investors and analysts. They nevertheless cheered the success of Sergio Marchionne, chief executive of Fiat Chrysler and chairman of Ferrari, in convincing investors that when it comes to valuations Ferrari has more in common with luxury goods makers like Hermès International SCA. than high-end car makers like BMW AG .

“Before today the big question was whether Ferrari should be valued as a luxury company and the answer we got is yes,” said Martino De Ambroggi, an analyst with Equita in Milan.

Red Ferraris Wednesday lined the street in front of the New York Stock Exchange where Mr. Marchionne rang the opening bell without deviating from his trademark black sweater over a collar shirt. His one concession to adjusting his wardrobe for the occasion was a small Ferrari pin with a yellow backdrop and the black prancing horse that has become the symbol of one of the world’s most-recognizable brands.