By Victoria Waldersee and Emma-Victoria Farr







FRANKFURT, Sept 29 (Reuters) – Porsche AG made its debut on the stock market on Thursday, with a price tag of about 75 billion euros ($72.45 billion) after Volkswagen priced shares at the top end of the range, braving turbulent market conditions.







<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel-820x536.jpg" alt="Porsche Logo" class="wp-image-420162" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/Porsche-Emblem_Max-Pixel.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Porsche </figcaption></figure>



The bumper flotation, expected to generate around 19.5 billion euros ($19.0 billion), comes as instability in European markets has deterred other share sales by carmakers, including in luxury brands.



The sale values Porsche AG close to the market capitalisation of its parent Volkswagen, which is worth around 84 billion euros, and puts it ahead of rivals like Ferrari .



Books closed on Wednesday on what is one of Europe’s biggest IPOs and the second largest in Germany since Deutsche Telekom made its debut in 1996, at the top end of the 76.50-82.50 euro range it announced earlier this month.



Shares opened at 84.00 euros apiece and traded at 82.88 euros by 0733 GMT.



Shares in Porsche SE fell 5.7% in early Frankfurt trade. Shares in Volkswagen were down 4.9% in early Frankfurt trade.



Companies in continental Europe have raised the smallest amount this year since the 2009 global financial crisis at $44 billion, of which only $4.5 billion comes from IPOs, based on Refinitiv data.



Volkswagen has said the market’s volatility was precisely why fund managers with money to invest were sorely in need of a stable and attractive stock like Porsche AG.



“Porsche was and is the pearl in the Volkswagen Group,” Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said.



“The IPO has now made it very, very transparent what value the market brings to Porsche. That, of course, also has a positive effect on Volkswagen shareholders.”



Faced with tens of billions of costs for a radical shift towards electric mobility and software, Volkswagen executives had long mulled listing Porsche, a move executives hoped would both raise much-needed funds and lift Volkswagen’s own value.



The Porsche and Piech families, in turn, will solidify their control over the carmaker with 25%, plus one ordinary share – carrying voting rights – in Porsche AG, effectively giving them a blocking minority in the namesake brand.



Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering. ($1 = 1.0352 euros)



(Reporting by Victoria Waldersee and Emma-Victoria Farr; writing by Victoria Waldersee and Matthias Williams; Editing by Hugh Lawson, Richard Pullin and Jane Merriman)

Porsche Emblem Luxury Logo Design Vehicle Auto

PORSCHE DEBUTS WITH $72 BLN PRICE TAG IN BUMPER IPO

By MacDonald Dzirutwe and Abraham Achirga



ABUJA, May 28 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s former vice president, veteran politician Atiku Abubakar, will run for president again next year after the main opposition party picked him as its candidate to stand in elections to succeed incumbent Muhammadu Buhari.



Abubakar, 75, lost to Buhari during the last election in 2019, which he claimed was rigged. But Buhari will not be on the ballot next year when the second of his two four-year terms comes to an end.



The People&#8217;s Democratic Party (PDP) party, which ruled Nigeria after military rule ended in 1999, was ousted from power by Buhari&#8217;s All Progressives Congress (APC) party in 2015. The PDP is vying for a return to governing Africa&#8217;s biggest economy.



Vote counting started late on Saturday and Abubakar garnered 371 votes, defeating his nearest rival, Nyesom Ezenwo Wike, governor of oil-producing Rivers state, who received 237 votes.



In his acceptance speech, Abubakar reiterated his campaign promise to end insecurity in the country and revive its fragile economy, among other pledges, and promised to work with his opponents.



&#8220;I therefore pledge that I will restore unity. I also committed that I was going to deal decisively with the security situation in this country,&#8221; said Abubakar.



Abubakar has stood in six primaries, and next year&#8217;s vote will be his third presidential bid.



From 1999 to 2007, he was vice president to Olusegun Obasanjo, the first Nigerian leader after the end of decades of military rule.



Abubakar&#8217;s main opponent will be from the ruling APC party, which will choose its candidate at a special convention to be held from June 6-8. The APC postponed its presidential primary from Sunday after the electoral commission extended the deadline for political parties to choose their candidates.



Twenty-five candidates from the APC have registered to take part in the primaries. Vice President Yemi Osinbajo and former Lagos state Governor and party heavyweight Bola Tinubu are seen as the ruling party&#8217;s front-runners.



Buhari&#8217;s successor faces several challenges, from insecurity marked by kidnappings for ransom in the northwest, an Islamist insurgency in the northeast, secessionist violence in the southeast, and a struggling economy and high inflation.



(Writing by MacDonald Dzirutwe; Editing by Sandra Maler and Jonathan Oatis)

Edith Ngcobo

PORSCHE DEBUTS WITH $72 BLN PRICE TAG IN BUMPER IPO

Nigeria’s opposition picks Abubakar to run for president again

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Edith Ngcobo

PORSCHE DEBUTS WITH $72 BLN PRICE TAG IN BUMPER IPO

Nigeria’s opposition picks Abubakar to run for president again￼

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Nigeria’s opposition picks Abubakar to run for president again