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Volkswagen Sets Valuation Target of Up to $75 Billion for Porsche IPO

Volkswagen has set a valuation target of 70 billion euros ($70.1 billion) to 75 billion euros for the initial public offering (IPO) of its iconic sports car brand Porsche. The German automaker will sell 12.5 percent of Porsche’s total share capital, with the price range set at 76.50 euros to 82.50 euros.

The valuation is below the previous target of €85 billion, but will still make it one of the largest IPOs in Europe at a time of uncertainty in global markets. About four anchor investors, including Norway’s sovereign wealth fund, have committed to invest.

The IPO will reopen European markets. European markets have been largely shut down for much of the year, with investors shunning equity offerings after the market deteriorated due to Europe’s energy crisis, rising interest rates and record inflation.

Under the expected price range, Volkswagen will receive up to 9.4 billion euros in proceeds from the sale of the shares and have a high 10-15 percent green shoe option (over-allotment option), people familiar with the matter said. RFQs for the offering will begin on Tuesday, the people familiar with the matter said.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.
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