Porsche With No Brakes - Shares Race Higher In Landmark Frankfurt IPO - Volkswagen (OTC:VWAGY)

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 Read: Porsche 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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