Porsche IPO to fund Volkswagen electric shift
- Posted by: Alan Feldberg
- Category: News
Porsche is expected to be valued at around €75bn when it floats on the Frankfurt stock exchange on 29 September.
Parent company Volkswagen will offer 12.5% of Porsche, or 911 million shares, with shares valued at between €76.50 and €82.50.
It hopes to raise up to €9.4bn from the offering, 49% of which will go to shareholders in a one-off dividend with the rest of the proceeds supporting the company’s shift to electric vehicles.
Half the shares will be preferred shares – a third of which will carry no voting rights – and half will be ordinary shares.
Arno Antlitz, Volkswagen chief financial officer and chief operating officer, said: “We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors.”