vw’s porsche ipo shaping up to be europe’s biggest listing in a decade

Volkswagen’s Porsche IPO is shaping up to be Europe’s biggest listing in a decade as it targets a €70 to €75 billion valuation.

“Today, Volkswagen AG’s Executive Board, with the approval of the Supervisory Board, set a placement price range for the preferred shared in Dr.Ing.h.c.F Porsche AG from EUR 76.50 to EUR 82.50 per preferred share,” noted VW in a press release on Sunday.

Volkswagen AG plans to place a total of 113,875,000 preferred shares from its holdings with investors during the Porsche IPO.

Porsche IPO for VW Group’s EV push gains traction

Automotive News explained that Porsche’s share capital is split into 455.5 million ordinary shares and 455.5 preferred shares for a total of 911 million shares. Ordinary shares carry voting rights. Preferred shares do not carry voting rights but receive an €0.01 dividend per piece on top of every dividend the company pays out on its ordinary shares.

Qatar, Abu Dhabi, and Norway’s sovereign wealth funds, along with mutual fund company T. Rowe Price will be cornerstone investors in the Porsche IPO. They are set to subscribe up to €3.7 billion preferred shares. Qatar, for one, has committed to buying 4.99% of Porsche’s preferred shares.

Volkswagen AG intends to transfer 25% plus one share of ordinary shares from Porsche AG to Porsche Automobile Holding SE at the placement price of the preferred shares plus a premium 7.5%.

“Depending on the final offering price, the gross proceeds from the transfer varies from €9.36 billion to €10.10 billion.”

Watch the video below to learn more about the Porsche IPO!

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

Keyword: VW’s Porsche IPO shaping up to be Europe’s biggest listing in a decade

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