Volkswagen Group has completed the planned initial public offering of luxury sports car maker Porsche. As of yesterday, investors can buy Porsche shares on the Frankfurt Stock Exchange under the trading symbol P911 – an analogy to the iconic 911 model.
The company’s shares ended trading at $82.50 a piece.
The successful listing makes Porsche’s IPO the largest ever in Europe with a market capitalization of around 78 billion euros. 113,875,000 non-voting shares placed by “Volkswagen”, representing 12.5% of the share capital of “Porsche AG”.
Oliver Blum, Chairman of the Executive Board of Porsche AG, called the IPO a “historic moment” for the company.
“First and foremost, I’d like to thank our more than 37,000 dedicated colleagues around the world and everyone who made it possible for us to announce our successful IPO today,” Blum said.
Employees were assured in advance that no jobs would be lost.
VW’s board of directors received assurances that proceeds from the initial public offering will be invested in electric mobility, including the planned six battery factories in Europe.
“Porsche wants to grow with its luxury products and services and take social responsibility. The company wants to achieve a leading position in electromobility and has set itself ambitious goals. In 2030, Porsche’s goal is that more than 80% of new vehicles delivered will be electric,” added Oliver Blum.