While a number of recent IPOs have not performed well in today’s risk-averse market, Fiat Chrysler has decided to move ahead with its planned spin off of Ferrari NV anyway.

Luxury sports car maker Ferrari set a starting price range on Friday to assess investor demand for the IPO, which is scheduled to be listed on the New York Stock Exchange.

According to a new SEC filing, the Ferrari IPO will involve 17.2 million shares being sold for $48 to $52 each. Apparently Ferrari will not receive any of the proceeds from the $859 million IPO at the midpoint of the range; the cash will nearly all end up with Fiat Chrysler unless the final price moves notably above $50.

Of note, the Fiat Chrysler filing  notes they will keep an 80% stake in the iconic Italian sports car firm after the Ferrari IPO, and will distribute the rest of the proceeds to investors within a few months.

Ferrari

More on planned Ferrari IPO

Ferrari does not operate on an economy of scale model. The firm only produced 7,255 cars in 2014, keeping the numbers low and its reputation for exclusivity high. However, as noted in the section of the filing the describing the potential risks of investing in the Ferrari IPO, this “exclusive” strategy clearly puts a ceiling on both revenue and profits.

However, the recent financial performance of the sports car manufacturer is strong. For the most recent six months through June, net revenues were up 2.8% from the same period in 2014, and net profits profits increased by a solid 10%.

Ferrari’s Formula One racing team is also a big part of the firm’s value. The team has won a total of  224 Grand Prix races and 15 drivers’ world championships since Formula One launched back in 1950.

Ferrari’s success in Formula One is no fluke; it reflects the racing pedigree of the company. Enzo Ferrari founded a racing team in 1929 called Scuderia Ferrari, but the company didn’t actually manufacture a vehicle until 1947. Fellow Italian car maker Fiat acquired a 50% stake in the firm in 1967, and then owned 90% after founder Enzo Ferrari died in 1988. Scion Piero Ferrari has a 10% stake, which he has publicly stated he will keep following the IPO.