Porsche AG gained during its trading debut after parent Volkswagen AG set the final listing price for the sports-car company at the upper limit in defiance of market upheaval.
The maker of the 911 rises as much as 2.9% to €84.88 in Frankfurt, against a decline of as much as 2% in Germany’s leading DAX index. The offer price of €82.50, the top end of VW’s initial range for the shares, valued the company at €75 billion ($73 billion).
The listing, reaping €9.4 billion in proceeds for VW, is Europe’s largest IPO in a decade and comes amid some of most challenging market conditions in years.
Porsche’s listing is a bold move into public markets, which have been largely shut to IPOs for most of the year, with companies shying away from seeking new listings because of the European energy crisis, rising interest rates and record inflation. The sale will help Volkswagen raise funds to plow into its electrification push, while investors get a slice of an emotive brand akin to Ferrari NV, which also managed a successful separation from parent Fiat in 2015.