German carmaker Volkswagen plans to list its Porsche subsidiary on September 29 and is targeting a valuation of between almost 70 billion euros and 75 billion euros, the group announced on Sunday. The indicative price of the offer will be between 76.50 and 82.50 euros per share, indicated in a press release the Volkswagen group, the second largest manufacturer in the world, which had given the green light in early September to go public. Frankfurt (Germany) from the manufacturer of the legendary 911.
Achieved at the top of the range, it would be one of the most important prices in Europe in recent years. By giving up a fraction of its control over the automaker, Volkswagen aims to raise the billions needed to finance its investments in the electric, connected and autonomous car.
9.4 billion euros expected
Thus, Volkswagen indicates in its press release that it has an operation of up to 9,400 million euros. Porsche’s capital was divided into 50% preferred shares, which offered a reinforced dividend but without voting rights, and 50% ordinary shares with voting rights.
Volkswagen plans to place 25% of the preferred shares on the stock market, that is, 113,875,000 shares, representing 12.5% of the company’s capital. The German manufacturer had unveiled its plan to launch Porsche on the stock market last winter, exactly on February 24, the first day of the Russian army’s invasion of Ukraine.
The economic crises that followed had called into question the timing of this IPO, which was finally confirmed by the manufacturer despite the turbulent context of the financial markets.
Source: BFM TV
