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.
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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Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.