August Boehm
Porsche, the luxury sports car manufacturer, will be put for an initial public offering (IPO) by Volkswagen for between $70.1B and $75.1B (€70B to €75B), said the manufacturer on September 18.
Porsche's preferred shares will be valued at between €76.50 and €82.50 per share by Volkswagen. According to CNBC, who cited statistics from Refinitiv, the IPO could be the second-largest in German history and the third-largest in European history. Volkswagen announced in a statement that trading in Porsche equities would start on the Frankfurt Stock Exchange on September 29.
As part of the offering, Porsche's 911 million shares will be divided into 455.5 million preferred shares and 455.5 million common shares. The IPO will sell up to 113,875,000 non-voting preference shares. Among major investors are listed the sovereign wealth funds of Qatar, Abu Dhabi, and Norway as well as the mutual fund business T. Rowe Price, which will submit bids for up to €3.68 billion.
source: cnbc.com
Porsche's preferred shares will be valued at between €76.50 and €82.50 per share by Volkswagen. According to CNBC, who cited statistics from Refinitiv, the IPO could be the second-largest in German history and the third-largest in European history. Volkswagen announced in a statement that trading in Porsche equities would start on the Frankfurt Stock Exchange on September 29.
As part of the offering, Porsche's 911 million shares will be divided into 455.5 million preferred shares and 455.5 million common shares. The IPO will sell up to 113,875,000 non-voting preference shares. Among major investors are listed the sovereign wealth funds of Qatar, Abu Dhabi, and Norway as well as the mutual fund business T. Rowe Price, which will submit bids for up to €3.68 billion.
source: cnbc.com
