Very few people have actually seen Santa’s sleigh but there are unverified reports that it is a highly customised vintage Porsche. At big xyt we are betting that the number plate must be FC 1 (second favourite is DA 05 HER), carefully adapted to avoid those pesky but ever-present speed cameras. The keen-eyed will have noted that the Xetra symbol for the new Porsche shares listed in September is P911. These days, even shares seem to have a personalised number plate.
As it happens, Porsche AG’s September IPO was one of the biggest corporate actions of the year, propelling the shares to the new position of the 95th most traded stock in Europe for Q4.
Since the IPO, the company was added to the MSCI indexes in the November rebalance and then last Friday to the DAX. Our first chart shows the new position of Porsche AG in 21st place in the country index. Peaking on October 12th with nearly 1.5b Euros traded, the shares were the most traded in Europe before settling down to reach 140m per day for the quarter.
The 75b Euros capitalisation marks the firm out as among the larger engines of European automotive, just behind its former parent Volkswagen AG and Ferrari SpA. Our second chart gives the ADV traded before and after each of the key events in the short time since the IPO and the distribution between different liquidity categories. Notice how SI trading (in grey) formed a large part of the share’s off book trading profile during the DAX rebalance, while as expected the Closing Auction accounted for over 50% of overall trading.
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