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Porsche’s IPO likely to collect €9.4B as investors rally to purchase

Porsche’s IPO likely to collect €9.4B as investors rally to purchase

Arab Finance: The initial public offering (IPO) of the German automaker Porsche witnessed a great investor appetite, while the parent company Volkswagen anticipates collecting €9.4 billion from the share sale, Financial Times reported on September 27th.

A 12.5% stake in Porsche was offered at a per-share price ranging from €76.5 to €82.5, bringing the company’s total value to €75.2 billion, which makes it the second biggest offering in Germany since Deutsche Telekom’s $13 billion IPO in 1996.

Volkswagen’s advisors reported that the company could also offer stakes in other group members, including Lamborghini and Bugatti Rimac, in the future.

Trading on Porsche’s stock on the Frankfurt Stock Exchange starts on September 29th, Reuters previously reported.

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 shares worth about €3.68 million as cornerstone investors.

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