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Stock exchange: Volkswagen targets a valuation of 75 billion euros for Porsche

Stock exchange: Volkswagen targets a valuation of 75 billion euros for Porsche

Volkswagen is targeting a valuation of up to 75 billion euros for the listing of luxury sports car manufacturer Porsche.


As part of the Porsche AG IPO, the Volkswagen automotive group plans to price the preferred shares at between 76.50 euros and 82.50 euros per share, which would correspond to a valuation of 70 to 75 billion euros.


The deal would then become the third largest IPO ever in Europe, and the largest in Germany, according to data from Refinitiv. Trading will begin on the Frankfurt Stock Exchange on September 29, Volkswagen said.


As part of the IPO, 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million common shares. The sovereign wealth funds of Qatar, Abu Dhabi and Norway as well as the mutual fund company T. Rowe Price will subscribe for up to €3.68 billion of preferred shares as lead investors, Volkswagen said.


“We are now in the home stretch with Porsche’s IPO plans and welcome the commitment of our lead investors,” enthused Arno Antlitz, Volkswagen’s CFO and COO.


Porsche SE, the holding company controlled by the Porsche and Piech families, will finance the purchase of the common shares with up to 7.9 billion euros in debt capital, it said in a statement.


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Total proceeds from the sale are expected to be between 18.1 and 19.5 billion euros. If the IPO goes ahead, Volkswagen will call for an extraordinary meeting of shareholders in December. During this meeting, the group will propose to pay 49 percent of the total proceeds to shareholders in early 2023 as a special dividend.



Read also > Volkswagen finalizes Porsche’s IPO


Featured photo : © Porsche

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