© Archyde.com. Video: “Porsche” challenges the economic recession by offering its shares on the Frankfurt Stock Exchange
BERLIN (Archyde.com) – German carmaker Porsche defied the prevailing economic slump on Thursday by completing the largest stock exchange in Europe in more than a decade.
The price of Porsche’s share on the Frankfurt Stock Exchange reached 84 euros, up from 82.50 euros at the start of trading. The total financial value of the company when its shares were listed on the stock exchange amounted to about 76 billion euros.
Oliver Blume, CEO of Volkswagen and Porsche, described the company’s offering, while he was present at the Frankfurt Stock Exchange today, as a “historic moment”.
Observers are looking for Porsche’s listing to stimulate the auto market against the backdrop of the current economic recession, with German investment bank Berenberg saying that the listing could “provide a stimulus in an industry that is sorely lacking in positive surprises”.
Porsche’s IPO has already sparked interest from large investors, including public investment funds in Qatar and Abu Dhabi, Norway’s sovereign wealth fund and US asset manager TRUE Price.