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Monday, July 22, 2024
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Porsche Hits Public Market at $73B Valuation

  • Porsche was listed on the Frankfurt stock exchange at a $73 billion valuation.
  • The company is still seeking entry into Formula 1.
Porsche
Porsche

Porsche held on to its lofty valuation on its first day as a public company.

The Volkswagen-owned luxury car brand debuted at a valuation of $73.3 billion on the Frankfurt stock exchange. Shares initially rose in the hours following the debut before finishing the day essentially flat.

  • The initial public offering, which raised more than $9 billion, was Europe’s largest in over a decade.
  • Demand for shares was so high that nearly half the orders placed by investors were unfulfilled due to lack of supply.
  • Volkswagen retained a 75% stake in the company.

The listing seeks to defy a recent trend in newly public companies: Around 87% of companies that went public in 2021 have fallen below their initial prices.

Getting On Track

It remains to be seen if the public listing will help Porsche with another lofty goal: joining Formula 1. The company appeared to have a deal in place to purchase half of the Red Bull racing team, but the latter scuttled that deal.

Porsche is still looking for a partner to join F1 in 2026. 

New regulations are pushing F1 cars toward 100% sustainable fuels and engines that use 50% electric power by that year, aligning its goals with those of Porsche, which is expected to use some of the proceeds from the IPO to continue its push into electric vehicles.

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