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Vroom Vroom: Porsche makes stock market debut

by LLB Reporter
29th Sep 22 11:53 am

Porsche has made its stock market debut, one of the biggest public offerings in Europe ever.

Shares in the German sports car maker initially rose to €84 when they started trading in Frankfurt, valuing the company at €75bn. They were priced at the top end of the announced range, at €82.50, last night. The stock has since fallen back 7.9% to €62.50, amid a general share selloff. The Dax has fallen 1%, or 122 points, to 12,059.

The parent company Volkswagen is offering 911m shares, in a nod to Porsche’s famous 911 model.

Porsche hailed the beginning of a “new era” and chief executive Oliver Blume said: “Today, a big dream comes true for Porsche. Our increased degree of autonomy puts us in a very good position to implement our ambitious goals in the coming years.”

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