After its public offering last week, Porsche has become Europe’s most valuable car manufacturer with its shares rising today, replacing its former main shareholder Volkswagen.
Porsche shares fell below the IPO price on Monday to 81 euros, then rose to 93 euros, bringing the company’s market valuation to 85 billion euros on Monday.
Porsche was on the rise when it bought 3.8 million shares for 312.8 million euros, with additional selling rights from investment banks in its IPO. A surcharge is a mechanism designed to support share prices in companies’ public offerings.
“FLAME OF THE WAR CAUSED FLUCTUATIONS”
The increase in the share price put Porsche’s value above Volkswagen’s valuation of 77.7 billion Euros, while Mercedes-Benz became the third most valuable car brand in Europe with a valuation of 57.2 billion Euros. BMW is fourth with 47.5 billion euros and Stellantis is fifth with 39.7 billion euros.
“European and US inflation data, growing concerns over Europe’s energy supply, and the escalation of the war in Ukraine last Thursday have created volatility that requires minor stabilization measures,” said a Volkswagen spokesperson.
The spokesperson added that approximately 34 million shares purchased between September 29 and October 4 correspond to 11% of the company’s trading volume after the IPO.
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