Porsche becomes Europe’s most valuable automaker
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Porsche AG has become the most valuable car manufacturer in Europe by market capitalization. Porsche’s share price on the Frankfurt Stock Exchange reached €93.28 in today’s trading.
Thus, the market capitalization of the manufacturer reached almost €85 billion. At the same time, the capitalization of Volkswagen, which still held the lead in Europe, was €78.6 billion during today’s trading.
Note that it took Porsche only a week after the IPO to bypass its parent company. Sports car manufacturer came out listed on the stock exchange on September 28, with Germany’s most successful IPO in 25 years. When placing the shares, the companies traded at €82.5, that is, at the upper limit of the previously defined price corridor. Thus, the total cost of Porsche was estimated at €75 billion. The company raised €9.4 billion during the IPO.
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