Through the IPO of Porsche, Volkswagen is seeking to obtain the billions needed to finance its investments in the electric, autonomous and connected car.
German automaker Volkswagen plans to IPO its subsidiary Porsche on September 29 and is targeting a valuation between nearly 70 billion and 75 billion euros, the group announced on Sunday. The indicative price of the offer will be between 76.50 and 82.50 euros per share, indicated in a press release the Volkswagen group, the world’s second largest manufacturer, which had given the green light at the beginning of September to the IPO on the Stock Exchange. Frankfurt (Germany) from the manufacturer of the mythical 911.
Achieved at the top of the range, it would be one of the most important quotations in Europe in recent years. By giving up a fraction of its control over the car manufacturer, Volkswagen aims to obtain the billions needed to finance its investments in the electric, connected and autonomous car.
9.4 billion euros expected
Volkswagen thus indicates in its press release that it is counting on an operation bringing in up to 9.4 billion euros. Porsche’s capital was split into 50% preference shares, offering a boosted but non-voting dividend, and 50% ordinary shares with voting rights.
Volkswagen plans to place 25% of the preferred shares, ie 113,875,000 shares, representing 12.5% of the company’s capital, on the stock market. The German manufacturer had unveiled its plan to launch Porsche on the stock market last winter, on February 24 exactly, the first day of the invasion by the Russian army of Ukraine.
The economic shocks that followed had cast doubt on the timing of this IPO, which was finally confirmed by the manufacturer despite the turbulent context on the financial markets.