Porsche has overtaken Volkswagen as the largest car manufacturer in Europe

Porsche took the lead as Europe’s top automaker on Thursday, overtaking former parent company Volkswagen

(VLKAF) according to price Newly listed shares of the sports car maker faster.

Although Porsche shares fell below List price On Monday to €81, in line with a broader drop in the markets, they rose to €93 ($91.95) on Thursday morning, giving the sports brand a market value of €85 billion ($84 billion).

This rise pushes the evaluation of Porsche even further Volkswagen 77.7 billion euros ($76.6 billion). Mercedes-Benz ranks third among European automakers, followed by BMW

(BMWYY) and Stellantis.

Porsche’s share price regained momentum after investment banks participating in the flotation bought nearly 3.8 million shares for 312.8 million euros ($308 million) as part of a so-called Greenshaw option designed to support the listing.

A Volkswagen spokesman said: “Inflation data from Europe and the United States, recent concerns about energy supplies in Europe and the escalation of war in Ukraine last Thursday led to fluctuations that made small-scale stabilization measures necessary.”

The spokesperson added that the shares purchased between September 29 and October 4 represent about 11% of the total trading volume since the listing, consisting of about 34 million shares.

Overall, up to 14.85 million shares worth €1.2 billion are available via greenshoe option in the four weeks following the offering as a stabilization measure.

Bank of America said in a statement on Wednesday that it acquired the shares for between 81 and 82.50 euros, compared to the original issue price of 82.50.