Volkswagen AG is preparing an initial public offering of Porsche, seeking a listing of its most profitable asset to help boost the valuation and fund the push into electric vehicles.
Under a plan code-named “Phoenix,” the carmaker and Porsche Automobil Holding SE, the billionaire Porsche and Piech family’s main investment vehicle, have sketched out a framework that navigates VW’s structure.
The tentative listing, estimated to value the sportscar brand at as much as 85 billion euros ($96 billion) by Bloomberg Intelligence
*Porsche tweet on EV model
Hey @ForzaHorizon drivers, get the most out of every second this season. The 911 GT3 RS 4.0 is now available as a Seasonal Reward. Share your custom liveries with us. #ForzaHorizon5 #FH5 pic.twitter.com/DbY1cxQ8fF
— Porsche (@Porsche) February 17, 2022
While details and timing remain in flux,
The IPO could happen in the second half of this year and might include a special dividend to help the Porsche and Piech family, who own 53% of VW voting shares
A spokesman for VW declined to comment, as the company’s shares surged as much as 11% after the announcement on a possible IPO outline.
Europe’s biggest carmaker has been pushing for years to adopt a less centralized corporate structure to become more attractive and step up its challenge to Tesla Inc.