Porsche Overtakes VW in Europe
Now continent’s most valuable carmaker after blockbuster IPO.
911 Carrera GTS Cabriolet America among German sportscar maker's lineup.
IMAGE: Porsche
Porsche shined brightest among Europe’s car stars this week when the sportscar maker eclipsed Volkswagen as the continent’s most valuable.
On Thursday, a week after Porsche’s initial public offering – one of the biggest in Europe’s history – the carmaker’s shares clocked in at 93 euros, settling later at 91 euros for a nearly 84 billion euros valuation but still besting its former parent’s 77.7 billion-euro mark.
Mercedes ranks third among its European counterparts at a 57.2 billion-euro valuation.
Porsche shares fell nearly 2% below its listing price on Monday to 81 euros during a greater market drop. The German carmaker’s share price climbed back following a nearly 3.8 million-share purchase by investment banks involved in its flotation.
Originally posted on F&I and Showroom
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