Sports car maker Porsche finishes first to cliche the title of the world's most valuable brand and together with its IPO debut, it sets the brand on a 'new era with increased entrepreneurial flexibility”.
Oct 11, 2022 | By Joseph Low, its IPO debut on 29 September 2022 at the Frankfurt Stock Exchange was a momentous day as it ushered in a “new era with increased entrepreneurial flexibility”, according to the press release by the marque. The day also saw a new record in Europe as the car brand now holds the largest IPO by market capitalisation of around €78 billion.
On the first day of trading, the shares of Porsche were offered at €82.50 per share and by 6 October 2022, prices rose to €93, corresponding to a total market value of €85 billion. Compared to its ex-parent company Volkswagen’s market capitalisation of €77.7 billion, the sportscar maker finishes first to be Europe’s most valuable brand.
From left: Lutz Meschke, Deputy Chairman of the Executive Board and Oliver Blume, Chairman of the Executive Board.Speaking more about the successful IPO, Oliver Blume, chairman of the executive board of Porsche AG, said, “Making our customers’ dreams come true is what drives us. Today, a big dream comes true for us. With the completion of the IPO, we are beginning a new chapter in the unique history of our company.” He further added, “This is a historic moment for Porsche.
Porsche’s spun-off from its former parent company Volkswagen came at a juncture where the sportscar marker was due to end its financial and domination agreement by the end of 2022. Instead, it will be replaced by an industrial cooperation agreement where both entities will “govern their industrial and strategic relationship”. The common thread that holds the two is the aim for a “sustainable and value-creating development of Porsche AG”.
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