Porsche took pole position as Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen as the sports car maker’s newly listed share price soared.
While Porsche shares fell below their listing price on Monday to 81 euros, in line with a broader slump in markets, they rose to 93 euros ($91.95) on Thursday morning, giving the sports car brand a market valuation of 85 billion euros ($84 billion).
The increase pushes Porsche’s valuation beyond Volkswagen’s €77.7 billion ($76.6 billion).
Mercedes-Benz comes third among European automakers, followed by BMW (BMWYY) and Stellantis.
Porsche’s share price regained momentum after the investment banks involved in its launch bought nearly 3.8 million shares for 312.8 million euros ($308 million) as part of a so-called greenshoe option, designed to support the listing.
“Inflation data from Europe and the United States, recent concerns about energy supplies in Europe and the escalation of the war in Ukraine last Thursday led to fluctuations that made small-scale stabilization measures necessary,” a spokesperson said. Volkswagen voice.
Shares purchased between September 29 and October 4 accounted for about 11% of the total volume traded since listing, the spokesperson added, consisting of about 34 million shares.
Overall, up to 14.85 million shares worth €1.2 billion are available through the greenshoe option in the four weeks following the offering as a stabilization measure.
Bank of America acquired the shares for between 81 and 82.50 euros, compared to the original issue price of 82.50 euros, it said in a statement on Wednesday.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
