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.”