Porsche Goes Public, Shares Sell At Over $80

German automobile manufacturer, Porsche, has gone public on Thursday at a valuation of $75 billion, making the company the fourth most valuable automobile company in the world.

Porsche was listed on the Frankfurt Stock Exchange in Germany and had planned to trade with an initial public offering (IPO) of 84 euros per share, but by mid-morning today, shares were trading at 84.50 euros.

One of the biggest public offerings in Europe, the company is offering 911 million shares, a reference to its wildly popular Porsche 911 model.

According to Porsche’s parent company, Volkswagen, listing the shares should give Porsche the financial boost to advance its drive towards electric vehicles. Prior to the IPO, Volkswagen owned Porsche outrightly and is set to receive more than $9 billion for its stake.

“Today is a great day for Porsche and a great day for Volkswagen… We were convinced despite the challenging environment this IPO would prove successful, and we were right,” Arno Antlitz, Volkswagen’s chief financial officer said.

With the robust share price, Porsche will be the fourth most successful car manufacturer by valuation behind Volkswagen, Tesla and Toyota.

The company plans to make 80% of its portfolio electric vehicles by the year 2030.