Porsche’s IPO is the largest in Europe in over a decade.
(Bloomberg) — Porsche AG rose as much as 1.8% as its shares started trading in Frankfurt after strong investor demand buoyed the sports-car maker’s 9.4 billion-euro ($9.1 billion) initial public offering that was priced at the top end of the offer range.
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The share sale — the largest IPO in Europe in over a decade — values Porsche at 75 billion euros. Its parent Volkswagen AG, which will receive all of the proceeds from the listing, has a market capitalization of about 81 billion euros. The shares rose to 84 euros at the opening after VW priced the shares at 82.50 apiece.
Porsche’s IPO is injecting fresh life into a market for listings that has been shut for most of the year as rising inflation, interest rates and the threat of a global recession spook investors.
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