Positive debut on the stock market but without sprint for Porsche after Volkswagen, defying market volatility, brought the sports car brand to the Frankfurt market. The stock closed its first day on the lists at 82.58 euros, almost the same value as the issue price. During the session he was able to grow up to 5% and then take steps back and return to the starting point.
With the deal, Volkswagen raised 9.4 billion euros. Faced with tens of billions of costs for a radical shift towards electric mobility, Volkswagen executives had long considered the idea of listing Porsche. After the IPO, VW will continue to own 75% of the manufacturer’s ownership of the famous 911.
The IPO was highly anticipated by investors and with a valuation of 75 billion euros it was the largest in Europe in the last 11 years and the second largest ever for the German market: we need to go back to ’96, the debut of Deutsche Telecom, to find numbers of the same magnitude in Germany.
Now the value of the placement brings the market capitalization of Porsche Ag closer to that of the entire Volkswagen, which is worth around 84 billion euros. On the other hand, it is superior to the capitalization of rivals such as Mercedes-Benz, BMW and Ferrari.
Porsche Ag CEO Oliver Blume, whose dual role as Volkswagen’s new boss, has drawn criticism from some investors, hailed the listing as a “historic moment”.
Now the eyes of the operators will be focused on the future trend of the luxury brand. For some analysts, the house that according to reports will sell about 375,000 cars a year in 2030 (compared to 300,000 last year), could soon climb the rankings of the stock market. Placed on the Prime Standard secondary segment, Porsche Ag could earn a position in the Dax40, one of the largest companies in Germany, as early as December. According to the analyzes, the promotion could take place against another big German name, the online fashion giant Zalando, which would end up being relegated in the ranking of the Frankfurt Stock Exchange. Yesterday the Dax closed with a decline of 2.60% while Volkswagen lost almost 7%.