Stock starts successfully despite poor market situation

Frankfurt Oliver Blume, head of Porsche AG, spoke on the trading floor of the Frankfurt Stock Exchange of a great dream that was about to come true: “It’s a historic moment.” Because the sports car manufacturer has been listed on the stock exchange since Thursday. At EUR 84.00, the first price was above the issue price of EUR 82.50 and then fluctuated between EUR 84 and EUR 85.

This was an initial public offering (IPO) for which the circumstances could hardly have been worse, explains Michael Muders, fund manager at Union Investment. The war in Ukraine, the energy crisis with the resulting high inflation and rising interest rates worldwide are weighing on the global stock markets. Only on Wednesday did the leading index Dax slip to a new low for the year. “To get an IPO of this magnitude in a difficult environment, you simply have to count it as a success,” said Muders.