Porsche gained during its robust trading debut after parent Volkswagen Group set the final listing price for the sports-car maker at the upper limit in a bid to defy deep market upheaval.
The sports-car maker rose 1.8 percent to $81 in Frankfurt on the open, before slipping back to its offer price of $79.93 apiece, the top end of VW Groups initial range for the shares that valued the company at $73 billion.
The listing, reaping $9.1 billion in proceeds for VW Group, is Europe's largest initial public offering in a decade and contends with some of the most challenging market conditions in years.
"Today, a big dream comes true for Porsche," VW Group CEO Oliver Blume said in a statement. "Our increased degree of autonomy puts us in a very good position to implement our ambitious goals in coming years."
The listing of the 911 maker is a bold move into public markets, which have been largely shut to IPOs for most of the year, with companies shying away from seeking new listings because of the European energy crisis, rising interest rates and record inflation.
Following the trading start, against a 1.9 percent drop in Germany’s leading DAX Index, the preferred shares of VW declined as much as 6.2 percent while Porsche Automobil Holding SE, the investment company of the Porsche-Piech family, slumped as much as 9.2 percent.