BERLIN - Orders below 82.50 euros($79.69) per share for Porsche AG's listing risk missing as books are covered at this level multiple times, according to Morgan Stanley.

Books will close at 1200 GMT on Sept. 27, it said, adding that the indicated demand exceeds the full deal size.

Volkswagen said this month that it was aiming for a valuation of 70 billion -75 billion euros ($70-75 billion) for Porsche AG, slightly below some investors' estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW and Mercedes-Benz's 61 billion euros. 

(Writing by Miranda Murray, Editing by Victoria Waldersee)