Porsche shares rise in one of Europe’s largest market debuts

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Shares in luxury automaker Porsche have risen on their first day of public trading. The maker of the 911 sports car made its market debut Thursday on the Frankfurt stock exchange. Parent company Volkswagen carried out an initial public offering that is one of the largest in European history. Volkswagen reaped more than 9 billion euros for selling the shares to investors. It’s money that the German automaker will need to invest in new technology and software as the global auto industry shifts to electric cars. The IPO is a venture into turbulent markets, as the war in Ukraine, inflation, rising interest rates and an energy crunch have raised fears of recession in major economies.