Banks had to massively support Porsche shares after the IPO

Munich The accompanying investment banks have massively supported the share price of Porsche AG in the days after the IPO of the Stuttgart sports car manufacturer. To do this, they bought almost 3.8 million Porsche shares for 312.8 million euros from Thursday to Tuesday, according to a mandatory notification from the Bank of America (BofA Securities) commissioned with this on Wednesday evening.

Shares from the placement reserve (greenshoe) are used for support purchases, which generate demand and reduce supply. This means that Volkswagen AG will take in less than the maximum sum of 9.4 billion euros from the sale of the Porsche shares.