Porsche’s listing is a bright spot for European IPOs, which have plummeted this year, and follows a run of CVC activity at the car brand in preparation for the float.
The luxury carmaker, which is majority owned by Volkswagen, listed in Frankfurt at the top of its range with a reported market cap of around €78bn (about $76bn).
In the IPO, Volkswagen sold a 12.5% stake in Porsche to raise money for its electrification drive.
Only 231 companies have floated in 2022, according to PitchBook data, compared to 873 during last year’s surge; both IPO count and aggregate value are on pace for potential decade lows.
According to PitchBook, Porsche Ventures under managing director Ulrich Thiem and team has invested in 38 companies over the past three years, and 18 year-to-date.
Jonathan Geurkink, Pitchbook’s mobility tech analyst, said: “Porsche Ventures’ investments are spread across a broad swath of technologies and services from materials to vehicle finance, customer service, and even electric bikes.
“Some of the larger deals include Rimac Automobili a Croatian designer and manufacturer of electric hypercars, Group14 Technologies, which is developing next-generation EV battery components promising greater power and charge capacity, and Cresta, which is developing an AI platform to improve customer service.”
#GCVenturing is delighted to welcome VW’s head of CVC, Stephanie Reimann, to the Munich conference on 19 October representing the DACH region’s finest corporate venturing leaders and following on from a unique European Investment Council roadshow of its startups.
