Porsche stock traded below the price it debuted at last week, succumbing to the market pressures Volkswagen AG defied by going ahead with Europe’s biggest initial public offering in more than a decade. Moneyweb CompanyNews
Porsche stock traded below the price it debuted at last week, succumbing to the market pressures Volkswagen AG defied by going ahead with Europe’s biggest initial public offering in more than a decade. The sports-car maker’s shares traded down as much as 1.8% to €81 on Monday, roughly in line with the drop in the blue chip Euro Stoxx 50 Index. Porsche debuted at €82.
4 billion in proceeds for VW, which went ahead with the IPO amid Europe’s energy squeeze and concerns that global central banks will have to continue raising rates to tame inflation. Oliver Blume, chief executive officer of both VW and Porsche, has said the maker of the 911 will win over investors by showing resiliency as it has in recent crises, including the pandemic and subsequent semiconductor shortage.
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