Porsche shares climbed on their debut in Frankfurt, as the German carmaker defied a global economic slowdown and febrile markets to pull off one of Europe’s largest initial public offerings.
The €75bn listing marks a rare bright spot for an IPO market hit by the end of the bull run in equities and an energy crisis in Europe.
Shares in Porsche, which is majority owned by Volkswagen, rose 2 per cent early in the day, but ended virtually flat at €82.70 in Frankfurt on Thursday, while the wider German market was 1 per cent lower.
The Stuttgart-based company sold the shares on Wednesday at €82.5, the top of the pricing range.
VW is listing a 12.5 per cent stake in Porsche, its most profitable brand, as it seeks to raise funds to help pay for its investment in electric vehicles. Some of the €9.4bn that VW raised from the stake sale will be paid out to its shareholders as a special dividend.
“The high level of demand demonstrates investors’ confidence in Porsche’s future,” said VW’s chief financial officer Arno Antlitz. “The proceeds from the IPO will give VW significantly more financial flexibility as part of its transformation toward electromobility and digitisation.”
The German group wants to spend the remains of the proceeds developing electric cars, a sector in which the business has vowed to become a world leader.
Former VW boss Herbert Diess set a company target of beating Tesla in electric sales by 2025, which requires the group to sell millions of battery models.
Diess was replaced this summer by Porsche chief executive Oliver Blume, who will lead the listed sports car maker as well as its German parent.
The Porsche Taycan, the electric sports car that has outsold Porsche's engine-powered flagship 911 car, was the brand's first foray into battery models.
A Taycan was among the Porsches lined up on display outside the Frankfurt Stock Exchange on Thursday, as well as a range of 911s from the brand’s history.
About 150 automotive executives, bankers and advisers gathered at the historic stock exchange building in Frankfurt to celebrate one of the few major listings since the start of the pandemic and the war in Ukraine.
Alastair Mankin, a vice-president at financial services group Cowen, said the lack of a strong rise, or “pop” in market jargon, may come as a disappointment, especially because “many investors failed to get any worthwhile allocation in the IPO”.
“Most saw the stock as having been priced for success so this early trading will come as somewhat of a disappointment,” he said.
A banker who worked on the IPO told the Financial Times that “it’s a really crappy day” for any IPO because of the gloom and doom on the markets, adding that he was relieved the stock was trading up regardless.
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2022-09-29 17:09:40Z
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