Attention by all means: Volkswagen uses the forthcoming IPO of Porsche to a promotionally effective pointer to the most famous model of the Stuttgart sports car manufacturer. In an allusion to the classic Porsche 911, the share capital of Porsche AG is divided into 911 million shares, as stated on the Porsche website for the issue.
Half of these are preferred shares and half are ordinary shares. Up to 25 percent of the non-voting preference – i.e. 12.5 percent of the share capital – is to be placed with investors. These include the Emirate of Qatar, which has a stake in Volkswagen and is prepared to subscribe to up to a fifth of the issue.
According to insiders, Volkswagen’s supervisory board is to meet on Sunday evening. One of the insiders said the panel would then deliberate on the valuation of Porsche AG, thereby determining the price range in which the shares would be offered. Porsche AG could be valued at 70 to 80 billion euros when it goes public. This is indicated by the statements made by potential institutional investors. With the publication of the price range, other anchor investors besides Qatar could also be named. Neither Volkswagen nor Porsche commented on this.
According to corporate and banking circles, the prospectus will be published on Monday. It must first be approved by the securities regulator. From this point on, private investors can also subscribe to Porsche shares. The company should then celebrate its debut on the Frankfurt Stock Exchange at the end of September or beginning of October.
The owner families Porsche and Piëch, who hold the majority in the Wolfsburg car group via Porsche Automobil Holding SE (Porsche SE), also want to acquire 25 percent plus one ordinary voting share in Porsche AG. The price for the trunks is 7.5 percent higher than the issue price for the merits.