By Kim Richters

Volkswagen AG's sports-car maker Porsche AG started trading on the stock market in Germany on Thursday with an initial price of 84 euros ($81.78) per preferred share.

Parent company Volkswagen created 911 million Porsche shares in a reference to its iconic 911 sports car model, with the stock divided in nonvoting preferred shares and ordinary shares with voting rights. It is selling 25% of Porsche preferred shares, or about 12.5% of the entire company in the IPO.

In addition, Volkswagen placed a bundle of ordinary shares with voting rights with it's largest shareholder Porsche SE, which paid a 7.5% premium for them.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

September 29, 2022 03:56 ET (07:56 GMT)

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