Newly-listed Porsche overtook parent company, Volkswagen, as Europe’s Most valuable carmaker.
Its share price rose to 93 euros earlier on Thursday, giving the sportscar brand a market valuation of 85 billion euros.
Porsche market valuation was well above that of former parent, Volkswagen AG, valued at 77.7 billion euros.
Mercedes is third among European carmakers (57.2b euros), followed by BMW (47.5 euros) and Stellantis (39.7b euros).
Its share price rose to 93 euros ($91.95) earlier on Thursday, giving the sportscar brand a market valuation of 85 billion euros, following the purchase of almost 3.8 million shares for 312.8 million euros by investment banks involved in its flotation.
Porsche’s market valuation of 85 billion euros was well above that of parent company, Volkswagen AG, valued at 77.7 billion euros. Mercedes-Benz is third among European carmakers with a 57.2 billion euro valuation, followed by BMW at 47.5 billion euros and Stellantis at 39.7 billion.
“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 stabilisation measures necessary,” a spokesperson for Volkswagen said.
The 91 year old automobile manufacturer, which specializes in high-performance sports cars, SUVs and sedans, is now the fifth most valuable listed company in Germany, after Linde, SAP, Deutsche Telekom and Siemens, and the 25th most valuable stock in Europe, above giants like Glencore.
The shares purchased between Sept 29. and Oct 4. represented around 11% of the total trading volume since the listing last month, the spokesperson added, consisting of around 34 million shares.
Overall, up to 14.85 million shares worth 1.2 billion euros are available via the greenshoe option in the four weeks after the offering as a stabilisation measure, according to Reuters’ report.