As of Thursday morning, Porsche shares had risen to €93 euros ($91.95), giving the brand an eye-watering valuation of €85 billion ($84 billion), pushing it beyond the €77.7 billion ($76.6 billion) valuation of VW. Porsche's valuation also places it above Mercedes-Benz, BMW, and Stellantis.
Porsche shares dipped below their listing price of €81 ($79.42) at the beginning of the week, but were driven up when investment banks involved in Porsche's IPO bought almost 3.8 million shares for €312.8 billion ($308 million). These shares, which were purchased between September 29 and October 4, constituted 11% of all the trading that has taken place since Porsche's listing.
Porsche went public on Frankfurt's stock exchange in late September at a share price of €82.50. The Volkswagen Group's decision to sell 12.5 per cent of the company's non-voting shares raised approximately €9.4 billion ($9.1 billion) and served as Germany's second-largest listing ever.
Funds generated through the IPO will be distributed to pre-existing shareholders and help fund VW's transition to all-electric vehicles.
Source: Reuters