German luxury car maker Porsche has successfully debuted in an initial public offering on the Frankfurt Stock Exchange, valuing it at 75 billion euros. Volkswagen’s parent group, to which it belongs, has shrugged off high volatility in international markets, according to Bloomberg, and has priced the stock at the upper end of its forecast range. The IPO is expected to bring in 19.5 billion euros. However, the overall climate has prevented other industry groups from doing something similar. Among them are luxury car companies.

Porsche’s listing is considered to be one of the largest on the Old Continent and the second largest in Germany after the debut of Deutsche Telekom in 1996. Its share price was trading in the upper valuation range of 76.50-82.50 euros, which he announced at the beginning of the month. The shares opened at 84 euros and traded at 82.88 euros yesterday afternoon. Volkswagen said market volatility was exactly why fund managers needed stable and attractive stocks like Porsche. “Porsche was and remains the crown jewel of the Volkswagen Group,” concluded Chris-Oliver Sikendang, head of investment at Capitell. Faced with spending tens of billions on a switch to electricity and software, VW thought that by listing Porsche shares on the stock market, Porsche would raise much-needed capital to boost the value of Volkswagen itself.