According to Yahoo Finance, Porsche formally listed on the Frankfurt Stock Exchange on Thursday with a valuation of around 78 billion euros, making it the largest IPO sale in Germany since 1996.
Porsche’s shares first traded at 84 euros before dropping dramatically and closing the day at 60.48 euros per share after trading between 59.56 euros and 64 euros throughout the day.
Despite being closely related to its parent business Volkswagen Group, which continues to be Porsche’s primary owner, stock market volatility worldwide was cited as the reason for the stock’s roughly 30% decline on the day.
According to Drive, new owners include the Qatar Investment Authority, the sovereign wealth funds of Norway, Abu Dhabi, and Qatar as well as investment banks like T Rowe Price.
