Porsche shares rise in one of Europe's largest market debuts

CEO of Porsche car maker Oliver Blume sits in an old Porsche 356 at the start of Porsche's market listing at the stock market in Frankfurt, Germany, Thursday, Sept. 29, 2022. Shares in luxury carmaker Porsche AG rose on their first day of public trading after German parent companyraised 9.4 billion euros for one of the largest initial public offerings in European history.

The IPO was a venture into turbulent markets, as the war in Ukraine, inflation, rising interest rates and a global energy crunch have raised fears of recession in major economies such as Europe and the U.S. Europe's Stoxx 600 index last week fell into bear market territory. Wolfsburg-based Volkswagen, whose other auto brands include Audi, Lamborghini, SEAT and Skoda, will remain the majority shareholder in Porsche and the companies’ industrial cooperation will continue. The sale is intended, however, to give Porsche more autonomy.

Volkswagen took over Porsche in 2012 after Porsche made a failed bid for Volkswagen and wound up laden with debt.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Porsche Shares Rise in Frankfurt Market DebutThe original range for the non-voting preferred shares was set between 76.50 euros and 82.50 euros in a prospectus released Sept. 19.
Source: nbcchicago - 🏆 545. / 51 Read more »

Asset manager reveals what's next for stocks — and shares how he's trading the marketInvestment director Neil Veitch names the key drivers for the stock market to turn 'more constructive' and gives his take on growth versus value.
Source: CNBC - 🏆 12. / 72 Read more »