On September 29 Porsche debutter & agrave; officially on the stock exchange, in Frankfurt . The Volkswagen Group aims to achieve a valuation of 75 billion euros. This is a lower value than previously speculated (85 billion euros). In any case, the German carmaker has defined the final details of this important financial transaction.
Operation that comes at a fairly complex time for the stock markets. However, the Volkswagen Group and Porsche have nevertheless decided to move forward. It seems that the IPO will still be a success given that large investors are queuing up to subscribe to the shares of the German manufacturer. As some analysts point out, if the IPO goes down really well as it seems, the Volkswagen Group could decide to go as far as listing its other brands, such as Audi.
In any case, from this operation, the German Group will derive & agrave; new funds that will be used for its ambitious and costly electrification plan.
INITIAL PUBLIC OFFER (IPO)
In preparation for the IPO, the share capital of Porsche AG is; been divided into 911 million shares (911, a reference to the iconic model of the builder), of which 50% are preferred shares and 50% ordinary shares. Up to 113,875,000 preferred shares will be placed with investors during the IPO. The preferred stock will be publicly offered to investors in Germany, Austria, France, Italy, Spain and Switzerland.
The price range for the preferred stock is; was set from € 76.50 to € 82.50 per share , corresponding to a placement volume of between 8.71 and 9.39 billion euros. Investors will be able to start subscribing for the shares starting today 20 September and until next 28 September. On September 29, as mentioned at the beginning, Porsche will debut on the stock exchange.
The Qatar Investment Authority (QIA) is & egrave; committed to acquiring 4.99% of the preferred share capital of Porsche AG, corresponding to an amount between 1.74 billion and 1.88 billion euros depending on the final price of the shares. In addition, Norges Bank Investment Management, T. Rowe Price and ADQ have committed to subscribe the preference shares for a total value of 750 million euros, 750 million euros and 300 million euros respectively.
Finally , as we know, if the initial public offering will have; success, the Volkswagen Group convocher & agrave; an extraordinary shareholders' meeting in December to propose a special dividend of 49% of the proceeds to be distributed at the beginning of 2023.
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