Porsche With No Brakes - Shares Race Higher In Landmark Frankfurt IPO

  • Shares of Volkswagen AG VWAGY owned sports car maker Porsche rose in its Frankfurt stock market debut.
  • Touted as one of the biggest public offerings in Europe, the shares traded at €84 ($81) in Frankfurt on Thursday morning, after the IPO was priced at €82.50.
  • The IPO is expected to provide Porsche with a financial boost of €19.5 billion, CNBC reported.
  • Also ReadPorsche IPO To Be Priced At Top End Of Expected Range
  • Volkswagen is offering 911 million shares, a reference to Porsche's famous 911 model.
  • The IPO attains significance in the sense that it comes at a time of market volatility as the industry continues to face the effects of Russia's invasion of Ukraine and the inflation jitters.
  • "Today is a great day for Porsche and a great day for Volkswagen," the report cited Arno Antlitz, Volkswagen's chief financial officer.
  • Price Action: VWAGY shares closed higher by 5.05% at $19.12 on Wednesday. 
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