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Volkswagen AG’s (VWAGY) Spun Out Porsche Stock Closes at the IPO Price of €82.50
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Volkswagen AG’s (VWAGY) Spun Out Porsche Stock Closes at the IPO Price of €82.50

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On the first day of its official listing on the Frankfurt stock exchange, Porsche stock (ticker symbol P911) closed in-line with its IPO price of €82.50, set by its major owner, Volkswagen AG.

The first day of official trading of the Porsche stock on the Frankfurt stock exchange had all investors hooked on. Trading on the Frankfurt Stock Exchange under the ticker symbol P911, Porsche gained 5% during the trading hours to €86.78 before closing at €82.50, in line with the final IPO price set for the luxury sports car maker.

Volkswagen AG (VWAGY) (DE:VOW), which owns a majority stake in Porsche, saw its stock drop almost 11% to close at $17.05 despite its success in raising sufficient capital from the IPO listing.

Who is the Largest Shareholder of Volkswagen?

Porsche Automobil Holding SE (POAHY) (DE:PAH3), the German holding company, is the largest shareholder of the Volkswagen Group, with a stake of 31.4%. Shares of Porsche Automobil Holding plunged 13.3% to close at $5.88 yesterday.

On TipRanks, analysts are cautiously optimistic about Volkswagen stock. It has a Moderate Buy consensus rating based on four Buys, two Holds, and one Sell.  VWAGY stock’s average price forecast of €210.71 implies 17.55% upside potential.

TipRanks data shows that financial blogger opinions are 100% Bullish on Volkswagen, compared to a sector average of 65%.

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