Porsche makes steady start after bumper $72-billion listing

Sports car brand’s valuation is Germany’s biggest listing since Deutsche Telekom in 1996

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 in Germany’s second-biggest market debut ever.

“This is not exactly a dream environment for an IPO today,” said Thomas Altmann, a wealth manager at QC Partners. Porsche AG’s Chief Executive Oliver Blume, whose dual role as the new head of Volkswagen has drawn criticism from some investors, hailed the listing as an “historic moment” as he hugged colleagues and rang the bell on a packed Frankfurt stock exchange trading floor.

“The IPO has now made it very, very transparent what value the market brings to Porsche. That, of course, also has a positive effect on Volkswagen shareholders.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

globeandmail /  🏆 5. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SPORTS BETTING: Some early plays to consider for NFL Week 4There is seemingly no end to the bets you can make every week in the NFL, so instead of trying to examine all of Week 4, let’s just focus on the first two…
Read more »

SUNshine Girl EricaSUNshine Girl Erica loves watching sports, especially the Blue Jays and her beloved Detroit Red Wings.
Read more »