Porsche races higher after landmark $72 billion listing

Published by
Reuters UK

By Victoria Waldersee and Emma-Victoria Farr FRANKFURT (Reuters) – Porsche AG shares made a strong start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut ever. Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group’s electrification drive. Porsche AG stock was trading up 4.6% from the issue price of 82.50 euros at 0927 GMT. That lifted Porsche AG’s valuation to 78.5 billion euros, close t…

Read More