Porsche presentation (photo from Geneva Motor Show 2010)
Photo: DENIS BALIBOUSE/ REUTERS
The first price of the Porsche share is 84 euros and is therefore above the issue price of 82.50 euros from the previous day.
The environment is weak: the Dax fell at the same time by 0.8 percent to 12,085 points.
"This is a historic moment for Porsche," said VW and Porsche boss Oliver Blume on the Frankfurt stock exchange floor.
"For one day, the stock market turbulence faded into the background," said portfolio manager Thomas Altmann from the investment advisor QC Partners.
»It is impressive that an IPO of this dimension is possible in these difficult times.«
Volkswagen had allotted the shares to its subsidiary Porsche at EUR 82.50 each, which was at the upper end of the range.
With an issue volume of 9.4 billion euros, this is the second largest IPO in Germany since Deutsche Telekom made its debut in 1996. The shares of Volkswagen and VW's major shareholder Porsche SE rose by 0.9 and 1.7 percent, respectively.
Ticker symbol "P911"
"We are very pleased that we were able to carry out a successful IPO for Porsche AG," said VW CFO Arno Antlitz when the shares were issued.
The high demand shows the confidence of investors in Porsche.
The sports car manufacturer is now benefiting from more entrepreneurial independence.
The proceeds from the IPO gave Volkswagen more financial flexibility in the transformation towards electromobility and digitization.
Based on what is probably Porsche's best-known model, there are a total of 911 million individual securities.
Based on the issue price, this means a market capitalization of around 75 billion euros.
In preparation for the IPO, the share capital was divided equally between voting ordinary shares and non-voting preference shares.
A quarter of the preferred shares - or 114 million shares - can now be traded under the ticker symbol "P911".
In addition, the holding company Porsche SE (PSE) receives 25 percent plus one share of the parent company for a purchase price of 88.69 euros.
This gives PSE, controlled by the Porsche and Piëch families, a blocking minority and influence on important decisions.
A total of 10.1 billion euros will flow into the coffers of Volkswagen AG as a result of the deal.
PSE intends to finance the majority of the purchase price with outside capital.
The Wolfsburg-based company wants to use the proceeds to finance billions in investments in electromobility and digital, among other things.
According to earlier information, almost 49 percent of the proceeds could go to the VW shareholders – an extraordinary general meeting is to vote on this in December.
Also the VW employees in the company tariff and in Saxony waving a bonus of 2000 euros.
Porsche has not yet officially announced the amount of a possible bonus for employees.
The people of Stuttgart hope that going onto the floor will take them a step towards more independence again.
In 2008/2009, the Stuttgart-based company tried to take over VW - that failed, and the Lower Saxony company swallowed up the sports car manufacturer.
Since then, Porsche has been considered a pearl of return in the VW Group and is aiming for long-term operating earnings before interest and taxes (EBIT) of 20 percent.
Such margins in the car business can only be achieved in the luxury sector and with corresponding prices.
mamk/dpa
