(Bloomberg) -- Porsche AG attracted so much demand for its landmark 9.4 billion-euro ($9.1 billion) initial public offering that almost half the investors that put in orders were not allocated shares in the deal, according to people familiar with the matter.

The IPO, Europe’s largest in over a decade, received orders from about 650 investors, but half of them were “zeroed” out -- parlance for requests for shares that aren’t fulfilled, the people said, asking not to be identified discussing confidential information. A spokesperson for Porsche declined to comment.

Demand of this scale is rare for an IPO market that has been closed for much of the year, buffeted by surging inflation, rising interest rates and heightened market volatility. 

Even Porsche’s massive offering is unlikely to inspire other issuers to test Europe’s weak appetite for new listings, bankers have warned.

The manufacturer of the 911 sportscar rose as much as 5.2% to €86.76 in Frankfurt -- against a decline as deep as 2% in Germany’s benchmark DAX index, compared with the offer price of €82.50 apiece.

About 75% of Porsche’s IPO was taken up by 20 investors, the people said. Four cornerstone investors -- Qatar Investment Authority, Norway’s sovereign wealth fund, T. Rowe Price and ADQ -- together accounted for almost 40% of the offering. 

READ MORE: Porsche Rises in Landmark IPO Weathering Tough Market

©2022 Bloomberg L.P.