That valuation is the second-largest IPO in Germany after Deutsche Telekom in 1996. It’s also close to Volkswagen’s market cap of $81.2 billion. In comparison to other sports car brands, Porsche’s market cap is nearly double that of Ferrari ($36 billion). Shares of Porsche opened at €84 apiece but went down to €82.88 shortly after. Similarly, shares in Porsche SE, Volkswagen’s largest shareholder, which now also owns a blocking minority in the sportscar brand, were down by 10% as investors switched across. Volkswagen’s shares also fell 6.9% from the open on Thursday to 129.1 euros. The IPO raised 19.5 billion euros, 9.6 billion of which will go to Volkswagen – just under a fifth of the 52 billion euro budget they required for electrification plans – with the remainder distributed to shareholders as a special dividend. “We are well set-up financially have strong cash flows to fund our electromobility strategy ourselves,” said Volkswagen’s Chief Financial Officer.
