After listing in Frankfurt yesterday, shares in Porsche AG (ETR:P911) closed the day at the same price as its initial public offering (IPO) price.
Shares ended at €82.50 after climbing as high as €85.88. They are currently trading at €82.94, with the impressive start coming despite weak global stock markets and sky-high German inflation figures.
Spun out by Volkswagen, Porsche was valued at the top end of its price range, €75bn, becoming Europe’s largest IPO since 1999.
VW raised €19.5bn from the float to aid the company’s electrification transition, while keeping a 25% plus one share stake in Porsche.
Cornerstone investors, including the soverign wealth funds of Qatar, Norway and Adu Dhabi, as well as T. Rowe Price Group (NASDAQ:TROW), laid claim to 40% of the share offering.
VW said of the €19.5bn proceeds just under €10bn will go to the company and 49% to go to shareholders as a special dividend at the end of the year.