One of the most emblematic brands not only of the Volkswagen Group, but of the entire automotive sector. Porsche, finally, is listed on the stock market in a decision of the German group that will report an income between 8,710 and 9,390 million euros. Volkswagen reported after a meeting of the supervisory board that the starting price of Porsche’s preferred share will be between 76.50 and 82.50 euros, so the value of the company will be about 75,000 million euros.
The car group will place up to almost 114 million preferred shares with an over-allotment option, representing up to 25% of the capital in preferred shares. The sovereign wealth fund of Qatar QIA (Qatar Investment Authority), the sovereign wealth fund of Norway Norges Bank Investment Management, the American fund T. Rowe Price and ADQ, the state-owned investment company of Abu Dhabi, will subscribe as angular investors preferred shares worth up to 3,680 million euros.
IT MAY INTEREST YOU This is how you should report a structural failure after an earthquake
The subscription of private investors in Germany, Austria, Switzerland, France, Italy and Spain and of institutional investors has begun this week and will end on September 28, with the shares scheduled to begin trading on the Frankfurt Stock Exchange from Thursday September 29th.
Volkswagen Group Chief Financial Officer Arno Antlitz said they had reached “the final stretch with Porsche’s IPO plans” and welcomed the commitment of angular investors. QIA has agreed to acquire 4.99% of the capital in preferred shares of Porsche, for between 1,740 and 1,880 million euros, depending on the final placement price.
The car group wants to place 25% of Porsche’s non-voting preferred shares on the stock market. To do this, it will previously distribute the capital of Porsche in 50% of preferred shares and 50% of ordinary shares.
Porsche Automobil Holding SE, which groups together approximately 50% stakes in Porsche and Volkswagen, will acquire 25% plus one share of Porsche’s ordinary shares from VW at the placement price of the preferred shares plus a 7.5% premium .
Volkswagen will use almost half of the profits to pay a one-time special dividend and the rest to pay for the transition to battery technology. He also believes that the IPO will give Porsche more agility and business independence.