PORSCHE AG VZ

P911XETR
P911
PORSCHE AG VZXETR
 
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Important events

Sep 302022

In this economy?

Porsche’s landmark listing on Thursday somehow manages to out-drive the fire that is the market at the moment.

  • Porsche just executed Germany’s second-biggest ever public debut – and get this, the stock actually popped, briefly anyway. In its first day trading in its €75bn market float, shares opened above its IPO price at €84 and popped to $86.76 before closing down at $82.50 and continuing a mild rally in Friday morning trading.
  • It’s a rare bright spot in a pretty dark and gloomy IPO market in Germany, and globally for that matter, as equities have been hit hard by the end of the pandemic bull run – globally, $26.7 billion worth of IPOs have priced, representing a 60% drop from the same period last year and making this debut even more of a success.
  • The deal will give Volkswagen a way to tap into investor interest in Porsche, which has fat profit margins of up to 20%, and the proceeds VW earns from its majority stake will be largely put towards its EV efforts – the brand is aiming to take over Tesla. Yeah, you and everyone else in the industry, VW.
Anthony Bautista / Unsplash

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