EconomyFinancialVolkswagen wants to mark a milestone with the debut...

Volkswagen wants to mark a milestone with the debut of Porsche on the German Stock Exchange

Volkswagen reported that it will set the price of the preferred shares in the Porsche AG IPO between 76.50 euros and 82.50 euros (equivalent to 76.61 and 82.62 dollars, respectively) per paper, which would generate income of between 8.7 and 9.4 billion euros.

The price range, which translates to a valuation of between €70bn and €75bn, would make it the second largest IPO ever in Germany and, at the high end of the valuation, Europe's third largest on record, according to Refinitiv data.

Listing will start on September 29, according to the automaker's outlook.

A total of 11,875,000 preferred shares of Volkswagen AG -which do not have voting rights- will be placed.

In line with an agreement reached at the beginning of September between Volkswagen and its largest shareholder, Porsche, 25% plus one of the ordinary shares of the sports car brand, which do have voting rights, will go to Porsche at the price of the preferred shares plus a premium of 7.5%.

In this way, the total amount of the operation amounts to between 9,360 million and 10,100 million euros, according to the statement.

A stock prospectus is scheduled to be published on Monday, after which institutional and private investors will be able to subscribe to Porsche shares.

As part of the listing, 911 million shares of Porsche AG will be divided into 455.5 million preferred shares and 455.5 million common shares. Only preferred shares will be listed.

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