KONTAN.CO.ID - FRANKFURT. Porsche AG shares made a steady 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 2.5% from the issue price of 82.50 euros at 0854 GMT.
That values Porsche AG at close to the market capitalisation of Volkswagen as a whole, which is worth around 84 billion euros, and puts it ahead of rivals like Ferrari. It is Germany's biggest listing since Deutsche Telekom in 1996.