HAMBURG/FRANKFURT (Reuters) – Volkswagen (VW) said on Monday it intends to go ahead with a planned IPO for Porsche, in what could be one of the biggest global valuations, despite concerns markets about record inflation and the energy crisis.
The German manufacturer has indicated that the operation will be launched at the end of September or the beginning of October, with a finalization by the end of the year.
The move to list the luxury sports car brand in Frankfurt came after VW’s supervisory board voted in favor of the project on Monday evening.
Investors expect Porsche to be valued between 60 billion and 85 billion euros – if the top of the range is reached, it could be the largest IPO in German history and one of the largest in Europe since 1999, according to Refinitiv data.
Volkswagen said the IPO would mark an important step in the group’s transformation, as it aims to become the leader in software mobility.
Among the investors are Qatar, VW said, adding that Doha had pledged to take a 4.99% stake in the listed company.
(Report Paul Carrel, Victoria Waldersee, Jan Schwartz, Emma-Victoria Farr, Christoph Steitz and Ilona Wissenbach, with contributions from Tom Sims; French version Camille Raynaud, editing by Jean Terzian)
Copyright © 2022 Thomson Reuters
Are you following this action?
Receive all the information about VOLKSWAGEN in real time: