FRANKFURT: Porsche AG shares made a strong start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany's second-biggest market debut. Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros via the listing to fund the group's electrification drive. The shares traded at 82.90 euros ($80.66) at 1347 GMT on Thursday, close to the issue price of 82.50 euros, after peaking earlier at 86.54. That put Porsche AG's valuation at about 75.43 billion euros, only slightly below former parent Volkswagen, which is worth around 80.1 billion euros, and ahead of rivals such as Ferrari. It is Germany's biggest listing since Deutsche Telekom in 1996. Shares in Porsche SE, Volkswagen's largest shareholder, which now also owns a blocking minority in the sportscar brand, were down by 10% as investors switched across.