Porsche took pole position as Europe’s most significant automaker on Thursday, overtaking former parent Volkswagen (VLKAF) as the cost of the sportscar producer’s newly-listed shares sped higher.
Despite the fact that Porsche shares fell below their listing cost on Monday to 81 euros, in accordance with a more extensive fall in markets, they had ascended to 93 euros ($91.95) on Thursday morning, giving the sportscar brand a market valuation of 85 billion euros ($84 billion).
The ascent pushes Porsche’s valuation beyond Volkswagen’s 77.7 billion euros ($76.6 billion). Mercedes-Benz comes in third among European carmakers, followed by BMW (BMWYY) and Stellantis.
Porsche’s share cost regained momentum after investment banks engaged with its flotation bought almost 3.8 million shares for 312.8 million euros ($308 million) as part of the so-called greenshoe option, intended to help the listing.
“Inflation data from Europe and the United States, recent worries over energy supply in Europe and the escalation of the war in Ukraine last Thursday led to fluctuations which made small-scale stabilization measures necessary,” a representative for Volkswagen said.
The shares bought between Sept 29. also, Oct 4. represented around 11% of the complete trading volume since the listing, the representative added, comprising of around 34 million shares.
Overall, up to 14.85 million shares worth 1.2 billion euros are accessible through the greenshoe option in a month after the offering as a stabilization measure.
Bank of America gained the shares for between of 81 and 82.50 euros, contrasted with the original issue cost of 82.50, it said in a statement on Wednesday.
