At its board meeting the following Monday, Volkswagen AG indicated it will talk about the impending initial public offering of its subsidiary Porsche.
According to Al Sharq’s claim to Bloomberg, the business has done a feasibility assessment for an IPO and will consider at several board and supervisory board meetings on Monday whether the IPO should be finished before the end of September or the start of October 2022.
The decision to sell 25% and one share of common stock to Porsche Automobil Holding, the principal investment firm of the wealthy Porsche and Beech families, will also be made by governance bodies.
The German automaker has spent months developing a proposal to sell a minority ownership in its sports car brand in 2022, which may be one of the biggest initial public offerings in the history of Europe. However, difficult market circumstances have typically stopped listings.
According to persons familiar with the situation, Porsche attracted investor interest in its initial public offering at a valuation of up to $85 billion, Bloomberg News reported on August 26.
The individuals, who requested anonymity since the conversations were private, claimed that the producer of the Taycan electric vehicle and 911 sports car had obtained more pre-orders than shares issued at an estimated value of between 60 billion and 85 billion euros ($85 billion).
Big-name investors, according to the sources, have already expressed interest in taking part in an IPO at that valuation, including T Rowe Price Group Inc. and the Qatar Investment Authority.
According to the sources, Porsche was also looking into the preferences of a few billionaires, including Bernard Arnault, the head of LVMH, and Dietrich Mateschitz, the creator of the energy drink Red Bull.
About Author
