Economy

Porsche IPO could raise up to €75bn for parent Volkswagen 

Porsche

Flotation on Frankfurt stock market would be one of the largest European public offerings to date

The luxury carmaker Porsche could be valued at as much as €75bn when it floats on the Frankfurt stock exchange later this month, which would make it one of the largest European public offerings to date, according to the pricing of shares by its parent company, Volkswagen.

Volkswagen, which is planning to float 12.5% on 29 September, has priced the shares in Porsche at between €76.50 (£67.14) and €82.50.

The €70bn to €75bn valuation range, the midpoint of analysts’ expectations, will result in Volkswagen receiving €8.7bn to €9.4bn.

The company has said it intends to use 49% of the proceeds to pay a one-off special dividend to shareholders, with the remainder to help fund the costly shift towards electric vehicles and battery technology.

Source: TodaySycronic

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