Porsche IPO Becomes Largest In Europe For Over Decade, Values Company At $73Bln - Reports

Muhammad Irfan Published September 29, 2022 | 02:50 PM

MOSCOW (UrduPoint News / Sputnik - 29th September, 2022) The initial public offering (IPO) of Porsche AG has become the largest in Europe in more than a decade, with the company's price tag accounting for 75.2 billion Euros ($72.8 billion), the Wall Street Journal reported on Thursday, citing Volkswagen, the owner of Porsche.

On Wednesday, Volkswagen AG said it had priced the IPO of Porsche at the top end of the targeted range, which made its IPO the largest in Europe for more than 10 years, according to the newspaper.

Volkswagen set a price of 82.5 euros ($80) for a share, valuing Porsche's combined preferred shares at over 75 billion euros (around $73 billion).

On Thursday, Porsche shares started trading on the Frankfurt Stock Exchange. In early trading, shares initially traded at 84 euros ($81.3) per share exceeding the placement price of 82.5 euros ($80).