In a prospectus issued on September 19, the original price range for the non-voting preferred shares was set at 76.50 euros to 82.50 euros.
Volkswagen first revealed plans for Porsche to go public on September 5.
Porsche shares soared in their stock market debut on Thursday, in one of Europe’s largest public offers ever.
The renowned sports car brand’s shares opened at 84 euros ($81) on Thursday morning, after being placed at the top of their range late Wednesday, at 82.50 euros. It is worth approximately 75 billion euros.
By 9:30 a.m. Thursday, London time, shares had stabilised at 84.50 euros. Volkswagen’s parent business is offering 911 million shares, a nod to Porsche’s famed 911 model.
“Today is a terrific day for Porsche and a great day for Volkswagen,” Volkswagen’s chief financial officer, Arno Antlitz, said on CNBC’s “Squawk Box Europe” on Thursday.
According to Antlitz, the organisation felt the IPO would be successful due to “solid financials” and “a very convincing strategy for the future.”
“Despite the adverse circumstances, we were confident that this IPO would be successful, and we were correct,” he told CNBC’s Annette Weisbach.
Prior to the commencement of trading, sentiments were favourable, with cornerstone investors claiming around 40% of the shares on offer, according to Reuters. Volkswagen, which was formerly the sole owner of Porsche AG, is selling a 12.5% stake in the sports car company.
According to Volkswagen, listing shares should provide Porsche with a cash boost of 19.5 billion euros, providing the firm additional financial flexibility in terms of electric vehicles.
The historic listing comes at a time when the auto industry is still reeling from the impact of the Ukraine war, and valuations of major luxury carmakers such as Aston Martin, Ferrari, BMW, and Mercedes-Benz have all decreased in recent months.
Prior to the commencement of trading, sentiments were favourable, with cornerstone investors claiming around 40% of the shares on offer, according to Reuters. Volkswagen, which was formerly the sole owner of Porsche AG, is selling a 12.5% stake in the sports car company.
According to Volkswagen, listing shares should provide Porsche with a cash boost of 19.5 billion euros, providing the firm additional financial flexibility in terms of electric vehicles.
The historic listing comes at a time when the auto industry is still reeling from the impact of the Ukraine war, and valuations of major luxury carmakers such as Aston Martin, Ferrari, BMW, and Mercedes-Benz have all decreased in recent months.
We foresee a better supply in 2023, but we expect the scarcity to ease in 2024, Antlitz said.
