Volkswagen has set a valuation target of between 70 billion euros ($70.1 billion) and 75 billion euros for the initial public offering (IPO) of its iconic sports car brand Porsche.
The German carmaker will sell a 12.5 percent stake in Porsche’s total share capital at a price range of 76.50 euros to 82.50 euros.
The valuation is below the previous target of 85 billion euros, but would still make it one of the largest IPOs in Europe amid uncertainty in global markets. About four anchor investors, including Norway’s sovereign wealth fund, have pledged to invest.
The listing will allow European markets to reopen. European markets have been largely shut down for much of the year as investors shunned equity offerings after Europe’s energy crisis, rising interest rates and record inflation worsened the markets.
At the expected price range, VW will receive up to 9.4 billion euros in proceeds from the sale of shares, and has a 10%-15% higher greenshoe option (over-allotment option), the people said. Inquiries for the offering will begin on Tuesday, the people said.
CNBeta Sina Technology Fast Technology
- 2022-09-18Volkswagen sets up to $75 billion valuation target for Porsche IPO
- 2022-09-16Porsche IPO may include 911 million shares in tribute to its famous models
- 2022-09-03Volkswagen to meet on Monday: to discuss Porsche’s IPO plans
- 2022-08-26Porsche may IPO at a valuation of $85 billion
- 2022-07-20Porsche plans to launch flagship pure electric SUV, positioned higher than Cayenne
This article is reprinted from: https://readhub.cn/topic/8jqrTdZe4io
This site is for inclusion only, and the copyright belongs to the original author.