Porsche became Europe’s most valuable automaker on Thursday, overtaking former parent Volkswagen as the price of the sportscar maker’s newly-listed shares rose higher, Reuters reported.

The report said Porsche shares had fallen below its listing price on Monday to EUR81, in line with a wider fall in markets, they rose to EUR93 (US$91.95) earlier on Thursday, giving the sportscar brand a market valuation of EUR85bn.

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They later eased to EUR91.04 euros by 13:08 GMT but the company’s valuation was still well above that of VW at just under EUR84bn.

Reuters said Porsche’s share price regained momentum after investment banks involved in its flotation had purchased almost 3.8m shares for EUR312.8m as part of the so-called greenshoe option, designed to support a listing.

The report said Volkswagen is valued at EUR77.7bn with Mercedes-Benz third among European carmakers with a EUR57.2bn valuation, followed by BMW at EUR47.5bn and Stellantis at EUR39.7bn.

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“Inflation data from Europe and the United States, recent worries over energy supply in Europe and the escalation of the war in Ukraine last Thursday led to fluctuations which made small-scale stabilisation measures necessary,” a VW spokesperson told Reuters.

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Overall, up to 14.85 million shares worth EUR1.2bn are available via the greenshoe option in the four weeks after the offering as a stabilisation measure.

Bank of America acquired the shares for between EUR81 and EUR82.50, compared to the original issue price of EUR82.50, it said in a statement on Wednesday cited by Reuters.