After rising nearly 30% since its IPO less than three months ago, the German luxury car manufacturer Porsche will enter the Dax, Frankfurt’s flagship index, where it will replace the equipment supplier on December 19. sporty Puma.
This entry into the stock market elite proves that “even in a difficult environment, our economic model is robust and attractive to investors”, welcomed Lutz Meschke, chief financial officer of the brand in a press release on Tuesday.
On September 29, the car manufacturer, with a history of almost a century, had made one of the largest IPOs in German economic history and the largest stock market operation in Europe for more than ten years.
This operation allowed the Volkswagen group, parent company of Porsche to pocket some 9 billion euros (8.9 billion francs) to finance the costly transition to the electric and autonomous car, by placing 12.5% of the capital of its nugget on the stock market.
Introduced at a price of 82.50 euros, the Porsche share price rose by nearly 30% in less than 3 months and progressed Tuesday morning by 0.24%, to nearly 106 euros, despite a Dax index down.
According to Bloomberg, the market value of the Volkswagen subsidiary was around 96.3 billion euros, well above the value of the parent company, which reached 83.5 billion euros. Car manufacturers Mercedes-Benz with 68.8 billion euros and BMW with 56.5 billion euros rank far behind.
The arrival of Porsche among the 40 values of the Dax will lead to the relegation of the sports equipment supplier Puma to the MDax of the average values. The sportswear manufacturer is suffering from the slowdown in demand, linked to inflation and the end of the boom recorded during the pandemic. Puma recently lost its chief executive, Bjørn Gulden, to historic rival Adidas.
The arrival of Porsche in the Dax will strengthen the weight of the automotive sector in the benchmark index of Europe’s leading economy, which already includes Volkswagen, Mercedes-Benz, BMW, Daimler Truck, the tire manufacturer Continental and the Porsche SE holding company. through which the descendants of founder Ferdinand Porsche control both the sports car manufacturer and its parent company Volkswagen.
/ATS