Porsche have completed the largest ever IPO in Europe today and shares immediately gained, despite wider market turmoil.
It is not uncommon for IPOs to be put back during times of volatility by Porsche took the decision to press on with their Frankfurt listing and raised €9.4 billion in at a €75 billion valuation.
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Shares priced at the top end of the €76.50 to €82.50 range in an over subscribed offer.
“Investors were keen to get into the driver’s seat at Luxury carmaker Porsche with shares issued at the top end of the proposed range,” said Laura Hoy, Equity Analyst at Hargreaves Lansdown.
Porsche recorded €33.1bn revenue in 2021 and 24.5% EBITDA margin. In their 2022 half year report Porsche enjoyed €17.9bn, up from €16.5bn in the year prior.
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