Porsche IPO in Frankfurt
24.2 percent of the preferred shares are in free float.
(Photo: IMAGO/Hannelore Förster)
The IPO of the sports car subsidiary Porsche brings the Wolfsburg carmaker Volkswagen 9.08 billion euros. The Bank of America (BofA Securities) ended the support measures for the stock – which were actually intended to last four weeks – after it was stable above the issue price of EUR 82.50, as the US investment bank announced on Tuesday.
The over-allotment option (greenshoe) was partially exercised, so that 110.1 million Porsche shares are now traded on the stock exchange. 24.2 percent of the preferred shares are thus in free float.
In the first few days after the initial listing, the bank bought 3.79 million Porsche securities from the placement reserve for 312.8 million euros on the market in order to boost demand and reduce supply. This should prevent the price from falling too far below the issue price.
After that, the Porsche share rose to 93.70 euros, on Tuesday it was 86.10 euros. Support purchases are only permitted up to the issue price.
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