Porsche took pole position as Europe's most valuable automaker on Thursday, overtaking former parent Volkswagen as the price of the sportscar maker's newly listed shares went up.
Porsche's shares fell below its listing price on Monday to 81 euros, in line with the wider fall in markets, they had gone up to 93 euros $91.95 at 1023 GMT, giving the sportscar brand a market value of 85 billion euros.
Porsche's share price rebounded after investment banks involved in its flotation purchased almost 3.8 million shares for 312.8 million euros as part of the greenshoe option, designed to support a listing.
Porsche's valuation is more than Volkswagen's 77.7 billion euros. Mercedes-BenzDE ranks third among European carmakers with a 57.2 billion euro valuation, followed by 47.5 billion euro and Stellantis with 39.7 billion.
Inflation data from Europe and the United States, recent worries over energy supply in Europe and the escalation of the war in Ukraine last Thursday made small-scale stabilisation measures necessary, a spokesman for Volkswagen said.
The shares purchased between Sept 29 and Oct 4 represented around 11% of the total trading volume since the listing, consisting of around 34 million shares, the spokesperson said.
The greenshoe option has been used as a stabilisation measure, which allows up to 14.85 million shares worth 1.2 billion euros to be available in the four weeks after the offering.
Bank of America acquired shares for between euros, compared to the original issue price of 82.50, it said in a statement on Wednesday.