Porsche, seeking top price for the IPO!
The much-anticipated Porsche IPO is poised to achieve its maximum targeted price!
in a record deal that would value the iconic sports-car maker at more than €75 billion, equivalent to $72 billion.
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Porsche, seeking top price for the IPO!
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, @WSJ reports, via @PorscheNewsroom https://t.co/9rbXkuUrDL
— The_Journalbiz (@the_journalbiz) September 26, 2022
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.
Which means Porsche is set to raise about €9.4 billion from an issue of 113.9 million shares.
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.
The planned issue would be Europe’s largest since the $10 billion offering by commodities giant Glencore in 2011, and stands out in an otherwise moribund global IPO market.
Volatile stock markets, which make it more challenging to value companies, and the poor performance of recently listed companies have kept most IPO investors on the sidelines.
Porsche’s IPO is poised to overcome those obstacles because of the carmaker’s strong earnings record, bankers and investors say.
