Even as markets worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car has pushed ahead with the bold flotation that gives Porsche a valuation of more than 76 billion euros
Oliver Blume (R), CEO of German car producer Porsche AG, and Lutz Meschke, member of the Porsche management board, ring the bell to launch the company's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt am Main, western Germany, on September 29, 2022. Image: Daniel ROLAND / AFP
Luxury sports carmaker Porsche raced onto the Frankfurt stock exchange Thursday with one of Europe's biggest listings in years, leveraging its brand power to defy global market turmoil.
Its shares rose to over 84.70 euros ($81.90) in morning trading, bettering the 82.50 euros price set by its parent company Volkswagen, and outperforming a weak Frankfurt market.
Even as markets worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car has pushed ahead with the bold flotation that gives Porsche a valuation of more than 76 billion euros.
The carmaker's chief Oliver Blume said the listing was a "historic moment for Porsche", as he rang the bell to mark the start of trading at the Frankfurt exchange.
"A big, proud day for all of us... We are adding a new chapter to the unique history of Porsche," added Blume, who is also the CEO of the wider German auto group Volkswagen.