BERLIN—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 sped higher.
Although Porsche shares had fallen below its listing price on Monday to 81 euros, in line with a wider fall in markets, they rose to 93 euros ($91.95) earlier on Thursday, giving the sportscar brand a market valuation of 85 billion euros.
They later eased to 91.04 euros by 1308 GMT but the company’s valuation was still well above that of Volkswagen at just under 84 billion euros.
Porsche’s share price regained momentum after investment banks involved in its flotation had purchased almost 3.8 million shares for 312.8 million euros as part of the so-called greenshoe option, designed to support a listing….