Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering (IPO) in history.
Porsche Listing targeted for Sept. 29is targeting a valuation of up to 75 billion euros for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering in history.
At the upper end of the range, first reported by Reuters,it would become Europe's third largest IPO on record, according to Refinitiv data. Trading will begin on the Frankfurt Stock Exchange on Sept. 29, Volkswagen said.As part of the listing, 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares. Up to 113,875,000 preferred shares, carrying no voting rights, will be placed with investors over the course of the IPO.
"We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," Volkswagen Chief Financial Officer and Chief Operating Officer Arno Antlitz said., 25% plus one ordinary share in the sportscar brand, which do carry voting rights, will go to Porsche SE at the price of the preferred shares plus a 7.5% premium.
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