In one of the biggest public offerings in Europe ever, shares ofPorsche rose in their first day of trading.
The sports car brand's shares were priced at the top end of their range, at 82.50 euros, and they initially traded at 84 euros. The company is valued at around 75 billion euros.
The time is 9:30 a.m. The shares were steady at 83.50 euros. Volkswagen is offering a million shares of its stock.
The CFO of Volkswagen told CNBC that Thursday was a great day for the company.
A very convincing strategy for the future and strong financials were cited as reasons why the IPO would be a success.
The IPO was successful despite the challenging environment, he said.
Around 40% of the shares on offer were already claimed by cornerstone investors before the market opened. Volkswagen is decreasing its stake in the sports car firm and will list a portion of it on the stock market.
Volkswagen says that listing shares will give the company more financial flexibility in the future.
The landmark listing comes at a time of market choppiness as the auto industry continues to feel the effects of the war in Ukraine and valuations of other luxury carmakers have all dropped.
One investor told CNBC that thePorsche AG has decoupled itself from the market trends. Current market conditions are thought to be the reason why companies are postponing going public.
The IPO isn't going to be a catalyst for other companies to follow suit, asPorsche is a particularly strong brand with a unique market position On Sept. 5, Volkswagen announced that it would be going public.
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