Shares Porsche have fallen below its listing price on the third day of trading since its $72 billion listing by parent company Volkswagen.
The highly-anticipated initial public offering (IPO) was the largest listing in Germany in over 25 years despite a backdrop of global uncertainty.
Porsche shares fell to 81 euros in morning trading, 1.8% below the IPO pricing of 82.50 euros. before recovering to 81.48 euro per share by 1100 GMT.
The wider market was also down, with the pan-European STOXX 600 index losing 0.6% while a sub-index of auto stocks fell by about 1.1%.
One banker involved in the Porsche listing said that shares were still performing well compared with the wider market, despite the drop.
Shares in Porsche avoided dropping below its IPO pricing over the first two days of trading, closing flat at 82.50 euros on both days.
Since the listing, the wider autos sector is down about 5.6% while shares in parent Volkswagen are down about 10%.
As is standard in an IPO, the deal includes a what is known as a “greenshoe” option, which allows a stabilization manager to purchase shares in the market at the IPO price in the first 30 days after listing to help provide price stability.
The greenshoe option on Porche’s IPO equates to about 15% of the base offering, which will grow from 8.2 billion euros to 9.4 billion euros if the option is exercised fully.