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MILAN — Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer.

The listing of Porsche AG, under a trading code that includes the 911 number in a nod to its most famous model, defied turbulent markets to give the car brand a value north of 75 billion euros ($72.78 billion).

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Traders said some investors that bought Volkswagen and Porsche SE to play a potential IPO boom might be unwinding their positions and switching into Porsche AG, which was trading not too far from the offer price.

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“There seem to be shifts from Volkswagen into Porsche AG,” said Jochen Stanzl, analyst at online broker CMC Markets. “The sports car maker is seen by some as a luxury goods manufacturer and therefore valued higher than an industrial group.”

Porsche AG shares traded at a premium of as much as 5.2% to their IPO price of 82.5 euros at one point. They were last at 84.88 euros. Shares in top shareholders Volkswagen and Porsche Automobil Holding SE were last down 5% and 8% respectively.

CEO Oliver Blume said he felt very positive about Porsche AG’s opening price of about 84 euros as the sportscar brand listed in Germany’s biggest IPO in more than 25 years.

Analyst have said that Porsche AG has the potential to join Germany’s large-cap DAX index, which could attract demand for its shares from passive funds that adjust their portfolios to reflect benchmark indices.

Porsche AG was by far the most traded stock by volume on Thursday on Lang & Schwartz’s platform, indicating interest from individual investors, too. (Reporting by Danilo Masoni in Milan Additional reporting by Hakan Ersen in Frankfurt Editing by Amanda Cooper and David Goodman)