√Porsche stock market debut breaks 25-year record

History has been made, as Porsche goes public for the first time.

Porsche officially listed on the Frankfurt Stock Exchange on Thursday night, marking Germany’s largest initial public offering (IPO) since 1996, according to Yahoo Finance, with a valuation of approximately €78 billion – or $AU118 billion.

Porsche shares debuted at €84 ($AU127) before dropping sharply, trading for the remainder of the day between €59.56 and €64, before closing at €60.48 ($AU91.44).

Global market turmoil was blamed for the near 30 per cent fall in the stock over the course of the day, despite being closely linked to its parent company Volkswagen Group, which remains as Porsche’s majority owner.

New shareholders include the Qatar Investment Authority, Abu Dhabi’s sovereign wealth fund, Norway’s sovereign wealth fund, and investment banks including T Rowe Price, news agency Reuters reported.

Both the Porsche and Piech families – who are direct descendants of company founder Ferdinand Porsche – were previously reported as being given large percentages of the company.

However, the 113.9 million shares sold in the IPO carry no voting rights, and retail investors make up only 7.7 per cent of the shares made public.

Volkswagen Group says it will use the €19.5 billion ($AU29.5 billion) raised to help fund its transition to electric vehicles.

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