Porsche Goes Public
Porsche Goes Public
The Porsche AG IPO will probably be one of the largest in the history of the European stock market and could be the financial event of the year. Trading in Porsche shares (Ticker: P911) is set to begin today, September 29, on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard).
The listing will fulfill the long-standing wish of the German automotive titan to try to repeat the success of Ferrari's 2015 listing and help finance its push into electric cars.
German giant Volkswagen (VW) told investors that it will price Porsche preferred shares between 76.50 and 82.50 euros per share, which would give the sports car maker a stock-market valuation of 70 - 75 billion euros.
Porsche AG is owned by Volkswagen Group. The two companies have worked together since the 1960s, and Volkswagen acquired a 49.9% stake in Porsche AG in 2009 before buying the rest of the business a few years later.
VW said it will raise up to 9.4 billion euros from the share sale, which will help pay for the shift to electric vehicles and software development expenses. Former CEO Herbert Diess had proposed that the German group overtake Tesla in electric-car sales by 2025.
“We are on the right track – we believe that Porsche AG, with its robust business model and compelling financial performance, is ready to launch its IPO”, says Lutz Meschke, Deputy Chairman of the Executive Board and member of the management board responsible for finance and IT at Porsche AG.
In preparation for the IPO, Porsche AG's share capital was divided into 911 million shares, of which 50% are preferred shares and 50% are ordinary bearer shares. The preferred shares will be publicly offered to investors in Germany, Austria, France, Italy, Spain and Switzerland, as well as through private placements in other jurisdictions, in accordance with applicable regulations.
Buy Porsche Shares
It is worth mentioning that Porsche already has a market presence, but there are a few important differences. Porsche AG is different from Porsche Automobile Holding (Ticker: PAH3), which serves as a holding company for Porsche AG subsidiaries and is not directly involved in manufacturing and selling actual cars.
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Translated from the Romanian original with AI assistance.