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Germany’s Volkswagen eyes €75B valuation in Porsche IPO

Germany’s Volkswagen eyes €75B valuation in Porsche IPO

Arab Finance: German auto manufacturer Volkswagen seeks a valuation of up to €75 billion for the planned listing of Porsche, which is expected to be Germany’s second-largest initial public offering (IPO) in history, Reuters recently reported.

Preferred shares in the listing of Porsche will be priced by Volkswagen at €76.50 to €82.50 per share.

The IPO is expected to mark Europe’s third largest IPO so far.

Trading on Porsche’s stock on the Frankfurt Stock Exchange starts on September 29th.

As per the listing, 911 million shares of the luxury sportscar maker will be halved into preferred and ordinary shares, with nearly 113.875 million preferred shares not having voting rights to be placed with investors throughout the IPO.

The sovereign wealth funds of Qatar, Abu Dhabi, and Norway, along with T.Rowe Price company, will be subscribing to preferred share worth about €3.68 million as cornerstone investors.

 

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