Porsche enters the stock market, investors expect an overall valuation of between 60 and 85 billion euros
The luxury car officially enter in Bag: the Porsche brand will be listed at Frankfurt by the end of 2022, despite the volatile conditions of the markets. The decision, according to a note, was taken by the Board of Directors of Volkswagenwhich controls the brand, with the approval of the supervisory board.
The public offer of sale it could be launched between the end of September and the beginning of October. Investors expect one overall valuation between 60 and 85 billion euros. At the top of the estimate, the IPO would be the largest ever made in Germany and the largest in Europe since 1999.
Porsche is currently wholly owned by the Volkswagen Group in turn controlled by a holding company, Porsche Se, through which the Porsche-Piech family holds the absolute majority of voting rights, approximately 54%.
The Porsche’s capital was divided into 50% non-voting preferred stock and another 50% common stock with voting rights. In the next few weeks, investors will be offered to subscribe “up to 25%” of the preference shares at a price that has not yet been determined.
At the same time, Volkswagen’s board of directors approved the sale of “25% plus one” of the common stock to the holding company Porsche Se. In this way the Porsche-Piech family will continue to hold a blocking minority and will be able to progressively increase its control of the car manufacturer founded by Ferry Porsche after the Second World War in the future. Volskwagen instead it will be able to collect the billions needed to finance investments for the production of electric, connected and autonomous cars.
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