Porsche ignites blockbuster IPO, defies market tumult

By Agence France-Presse

Sep 30, 2022 12:04 am

FRANKFURT, Germany: Luxury sports carmaker Porsche raced onto the Frankfurt stock exchange on Thursday with one of Europe's biggest initial public offerings (IPOs) in years, leveraging its brand power to defy global market turmoil.

Its shares rose to 84 euros ($81) at the start of trading, bettering the 82.50-euro price set by its parent company Volkswagen and outperforming a weak Frankfurt market.

Porsche AG Chief Executive Officer Oliver Blume (right) and Lutz Meschke, member of the Porsche management board, ring the bell to launch the carmaker’s initial public offering at the Frankfurt Stock Exchange in Frankfurt am Main, western Germany on Thursday, Sept. 29, 2022. AFP PHOTO

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