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Volkswagen eyes €70-75 billion valuation in Porsche IPO
Volkswagen is targeting a valuation of up to 75 billion euros for luxury sportscar maker Porsche, in what could possibly be Germany's second-largest IPO in history and Europe's third-largest.
The German carmaker will price preferred Porsche AG shares f at 76.50 euros to 82.50 euros each, translating into a 70 billion to 75 billion euros valuation.
Trading will begin on the Frankfurt Stock Exchange on Sept. 29, Volkswagen said.
The 911 million Porsche AG shares will be divided into 455.5 million preferred and 455.5 million ordinary shares.
Over the course of the IPO, up to 113,875,000 preferred shares without voting rights will be distributed to investors.
The mutual fund corporation T. Rowe Price, as well as the sovereign wealth funds of Qatar, Abu Dhabi, and Norway, would purchase preferred shares valued at up to 3.68 billion euros as cornerstone investors, according to Volkswagen.