Porsche Rises in Landmark Trading Debut Amid Market Turmoil
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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.
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.