The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Porsche’s one-off blowout

Porsche's Oliver Blume and Lutz Meschke pose next to the bull outside the stock exchange before Porsche's IPO in Frankfurt. Photo: Reuters

The biggest IPO in Europe for a decade has not generated the kind of excitement that might have been expected in calmer times. Porsche’s flotation was solid enough, but its structure and unusual nature make it a poor proxy for the broader equity capital markets business, which is on its knees.

A company best known for its pricey supercars seems an unlikely name to bring to Europe’s equity capital markets in the teeth of a cost-of-living crisis. It might be an even less obvious candidate at a time when initial public offerings around the world have collapsed amid brutal market downturns as central banks race to tighten monetary conditions.

But German automaker Porsche AG ploughed on with its flotation at the end of September, bringing Europe’s biggest IPO in 11 years and the second-biggest equity deal of any kind in the world so far this year. A partly exercised overallotment option brought the final deal size to €9.08

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?


Mark Baker headshot2.jpg
Deputy editor
Mark Baker is deputy editor. Prior to joining Euromoney magazine he was based in Hong Kong as managing editor, Asia, for the Capital Markets Group. He previously edited EuroWeek magazine and was also deputy editor at International Financing Review.