Porsche Says IPO Has Been A Huge Success

A year ago, Porsche made headlines when it launched its first initial public offering (IPO) on the Frankfurt Stock Exchange. Parent company Volkswagen offered 25% of Porsche's preference shares to the investment world, with an approximate trade price of $80 a share. The Zuffenhausen-based automaker is now looking back on this milestone moment.

"Today, we can say that our IPO has been a huge success," said Oliver Blume, Chairman of the Executive Board. "It's good for our customers, our shareholders, and our employees as well. With greater entrepreneurial freedom and flexibility, we can set our own priorities. We can also act more quickly and with greater focus. In a dynamic and challenging global environment, that's more important than ever."

Days after listing on Germany's largest stock exchange, Porsche became Europe's most valuable car manufacturer, surpassing Volkswagen.

Those who invested in Porsche have been handsomely rewarded, says the brand. In the first six months of 2023, the automaker posted substantial sales revenue and profits. "The demand for our sports cars is strong worldwide," said Blume. Last year, the automaker posted record sales figures in America, selling just over 70,000 vehicles in the USA during 2022.

"We want to make our products even better, even more unique, and even more appealing than they are today. We are focusing on limited editions and expanding our Sonderwunsch program, among priorities. We believe that we are very well positioned for the future - including on the important topic of sustainability," added Blume.

Porsche says it is encouraged by the number of private shareholders who have invested in Porsche. Lutz Meschke, Deputy Chairman of Porsche, said, "Many of them do not own a Porsche but can now be a member of the Porsche family as a shareholder. By going public, we've made Porsche more tangible."

Financial markets have come under immense pressure in recent months due to numerous global economic factors. This, says Porsche, has influenced the company's share price. However, the automaker says it should remain in rude health if the "global economic and supply situation does not worsen significantly."

Forecasts for the current financial year show an expected return on sales of 17% - 19% at the end of fiscal year 2023, based on assumed sales revenue of $42.1 - $44.2 million. To honor its most iconic car, the Porsche 911, the automaker released 911 million shares during last year's IPO. Even the ticker symbol, PAG911, pays tribute to the legendary sports car.

Porsche established software-driven partnerships following the listing to secure the brand's future growth. "Forward-looking steps of this nature are an important part of being able to continue to exceed the expectations of our customers with desirable products and unparalleled Porsche experiences in the future as well," said Meschke.