The German automaker released details of its plans to list its Porsche sports car business as IPO!
VW said it expects to raise up to 9.4 billion euros, the equivalent of $9.4 billion, from the offering of 911 MILLION shares!
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Volkswagen announces Porsche IPO!
The German automaker released details of its plans to list its Porsche sports car business as IPO@VW said it expects to raise up to 9.4 billion euros, from the offering 911 MILLION shares, via @barronsonline https://t.co/y0o9Aiyjss
— The_Journalbiz (@the_journalbiz) September 19, 2022
911 milion shares as in the 911 classic model of Porsche!
That’s where the idea came from regarding the shares volume Volkswagen has created for the spinoff of its Porsche luxury brand into a separate listed vehicle. It’s a nod to Porsche’s famous 911 sports car.
The 911 million Porsche shares will be divided evenly between non-voting preferred shares and ordinary shares with voting rights. The IPO is set to value the company at up to $78 billion, making it one of the most valuable auto companies in Europe.
VW is selling 25% of Porsche preferred shares, or about 12.5% of the entire company, to investors in the public offering.
Roughly the same amount of ordinary shares are being sold to the confusingly named Porsche SE, VW’s largest shareholder and the listed investment fund majority-owned by the heirs of Beetle inventor Ferdinand Porsche.