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Porsche CEO Oliver Blume, right, and board member Lutz Meschke ring the bell at the Frankfurt Stock Exchange. (Daniel Roland/Getty Images)
Porsche has made its public debut in one of Europe's largest IPOs to date, defying one of the weakest listing markets in years.

The luxury carmaker, which is majority owned by Volkswagen, listed in Frankfurt at the top of its range. The share price of €82.50 gave the company a reported market cap of around €78 billion (about $76 billion).

Porsche's listing is a bright spot for European IPOs, which have plummeted this year after a frenzied 2021. Only 231 companies have listed 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.
   
Market volatility due to factors including surging inflation and the war in Ukraine has caused many public market hopefuls to press pause on their ambitions. EQT-backed skincare firm Galderma and VC-backed WeTransfer are among several companies who have postponed or canceled their IPOs this year.

While companies seeking to go public in Europe might hope Porsche's listing is a sign that the IPO window is reopening, the massive debut is far more likely to be a one-off. Being one of the world's most well-known brands has insulated Porsche from the negative market conditions, and it also benefits from the fact that the Porsche-Piëch family is taking a large stake in the IPO.

In the listing, Volkswagen sold a 12.5% stake in Porsche to raise money for its electrification drive. The IPO was reportedly backed by cornerstone investors including Qatar Investment Authority and Norges Bank Investment Management. Early trading in Porsche saw its shares climb as high as €86.78 before stabilizing around €85.50 later in the day.

Related read: Porsche IPO offers scant comfort for tech hopefuls

This article originally appeared on PitchBook News