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German car giant Volkswagen priced the public offering of preferred stock in its luxury brand Porsche between €76.50 and €82.50 which was largely in l
[See the full post at: Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation]The much-anticipated Porsche IPO is poised to achieve its maximum targeted price, in a deal that would value the iconic sports-car maker at more than €75 billion, equivalent to $72 billion.
Institutional investors were told Monday orders for shares in Volkswagen’s Porsche brand already exceed the total available in the offering at €82.50 each, or at the top of the range, according to marketing material for the IPO. Porsche is set to raise about €9.4 billion from an issue of 113.9 million shares, including a so-called greenshoe.
Investors have until Wednesday at 1 p.m. UK time to place orders, according to the marketing material. Pricing will follow later that day and Porsche’s shares are due to start trading Thursday on the Frankfurt exchange.
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