by Jan Schwartz
HAMBURG, Sept 18 (Reuters) – Volkswagen is targeting a 70-75 billion euro ($70.1-75.1 billion) valuation for luxury sports car maker Porsche AG as part of its proposed company’s initial public offering (IPO), a person familiar with the plan said.
This price range, which was to be announced later in the evening, formed the basis of discussions within the supervisory board which was held on Sunday. Porsche’s IPO is scheduled for late September or early October.
The operation would be at a price of 76.50 to 82.50 euros per title, said the source.
Volkswagen declined to comment.
A stock prospectus is expected to be released on Monday, after which institutional and retail investors will be able to purchase securities. (Report Jan Schwartz, French version Benjamin Mallet)