BERLIN (Reuters) – Porsche climbed to the top of the ranking of carmakers with the largest capitalization in Europe on Thursday, dethroning Volkswagen, its parent company, just a week after its initial public offering. Porsche shares fell below their introductory price of 82.50 euros on Monday in the wake of a general decline in the markets with fears of recession.
But it rose to 93 euros on Wednesday, giving the luxury car brand a market capitalization of 85 billion euros.
The investment purchase involved the IPO of approximately 3.8 Porsche shares 312.8 euros from an over-allotment, intended for listing. The Porsche exceeds Volkswagen, at 77.7 euros. Mercedes-BenzDE> ranks third among European automakers with a capitalization of 57.2 billion euros, followed by with 47.5 billion euros and Stellantis with 39.7 billion. “Inflation figures in Europe and the United States, recent concerns about energy supplies in Europe and the escalation of the war in Ukraine last Thursday have led to fluctuations which have made small-scale stabilization measures necessary. scale,” a Volkswagen spokesperson said. Up to 14.85 million shares with a total value of €1.2 billion are available via the over-allotment option within four weeks of listing, as a stabilization measure.
(Report Victoria Waldersee in Berlin, Alexander Huebner in Munich, French version Laetitia Volga, edited by Kate Entringer)
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