Volkswagen announced last night its intention to finalize the IPO of Porsche despite the concern on the global markets.
Volkswagen said last night that the Porsche IPO would be launched in late September or early October, with completion by the end of 2022. The decision to list the sports car company in Frankfurt came after Volkswagen’s supervisory board voted in favor of the plan Monday night.
Investors expect the company to be valued at between 60 and 85 billion euros. And if the top end of the range is reached, it could be the largest IPO in German history and one of the largest in Europe since 1999, according to Refinitiv data. Currently, Porsche is wholly owned by the Volkswagen group, which is controlled by a financial holding company, Porsche SE, through which the Porsche-Piëch family holds an absolute majority of voting rights (about 54%).
Volkswagen said the IPO would mark an important step in the transformation of the group. Among the investors are Qatar, Volkswagen said, noting that Doha had committed to take a 4.99% stake in the listed company.
The German manufacturer had unveiled its project at the beginning of the year, on February 24 to be exact, on the first day of the invasion by the Russian army of Ukraine. The economic shocks that followed, especially on the stock markets, had cast doubt on the timing of this IPO.
“This is a key element for the Group, not least because the eventual product would give us more flexibility to further accelerate the transformation,” explained Arno Antlitz, Volkswagen’s CFO, in an internal interview, before adding: “However, a decision has not yet been taken.”
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.