One of the largest ever public offerings in Europe in the history, Porsche’s shares edged up in their stock market debut on Thursday.
On Thursday morning, shares of the renowned sports car manufacturer first traded for 84 euros ($81). The corporation was valued at over 75 billion euros when they were priced at the top of their range late on Wednesday.
A reference to Porsche’s iconic 911 model can be seen in the parent company Volkswagen’s selling of 911 million shares.
Phillip Houchois, managing director at investment bank Jeffries, thinks it’s a “good deal.”
Positive feedback was received prior to the start of trading, with cornerstone investors reportedly claiming over 40% of the available shares.
According to Reuters and CNBC’s translation of Volkswagen Chief Financial Officer Arno Antlitz’s comments, “The big demand indicates the investors’ faith in the future of Porsche.”
At the ancient Frankfurt stock market building, some 150 auto executives, bankers, and advisors gathered to celebrate one of the few significant listings since the outbreak of the epidemic and the war in Ukraine.
In the initial public offering, up to 113,875,000 preferred shares with no voting rights would be issued to investors.
