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Although Porsche shares had fallen below its listing price on
Monday to 81 euros, in line with a wider fall in markets, they
had risen to 93 euros ($91.95) at 1023 GMT, giving the sportscar
brand a market valuation of 85 billion euros.
Porsche's share price regained momentum after investment banks
involved in its flotation had purchased almost 3.8 million
shares for 312.8 million euros as part of the so-called
greenshoe option, designed to support a listing.
The rise pushes Porsche's valuation beyond Volkswagen's 77.7
billion euros. Mercedes-BenzDE> comes in third among European
carmakers with a 57.2 billion euro valuation, followed by with
47.5 billion euros and Stellantis with 39.7 billion.
"Inflation data from Europe and the United States, recent
worries over energy supply in Europe and the escalation of the
war in Ukraine last Thursday led to fluctuations which made
small-scale stabilisation measures necessary," a spokesperson
for Volkswagen said.
The shares purchased between Sept 29. and Oct 4. represented
around 11% of the total trading volume since the listing, the
spokesperson added, consisting of around 34 million shares.
Overall, up to 14.85 million shares worth 1.2 billion euros are
available via the greenshoe option in the four weeks after the
offering as a stabilisation measure.
Bank of America acquired the shares for between 81 - 82.50 euros,
compared to the original issue price of 82.50, it said in a
statement on Wednesday.
($1 = 1.0114 euros)
(Reporting by Victoria Waldersee in Berlin, Alexander Huebner in
Munich; editing by Matthias Williams and Alexander Smith)
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