Sep 19, 2022
Porsche IPO: Luxury car maker valued at up to $75bn in share sale
Trading in the shares is due to start in Frankfurt on 29 September. The share sale is set to be Germany's second-largest ever initial public offering. VW said in a statement to investors that it will price preferred shares in the flotation of Porsche at 76.50 euros to 82.50 euros per share, which would give the sportscar maker a stock market valuation of 70bn euros to 75bn euros. If the IPO goes ahead, VW said it will hold a meeting for investors in December when it plans to propose distributing a special dividend - 49% of the total gross proceeds - from the share sale to shareholders. Under the IPO plan, the Porsche-Piech family - which lost control of the iconic sports car maker to VW over a decade ago - will pay a premium to purchase shares that will hand back to it significant decision-making power.
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