In the midst of an extremely uncertain economic situation, Germany is about to have one of the largest IPOs in its economic history. Next week, Thursday, September 29, Volkswagen wants to list the sports car manufacturer Porsche on the Frankfurt Stock Exchange, as the group announced late Sunday evening. Measured by the issue volume, it is probably the second largest in Germany after Deutsche Telekom in 1996. VW wants to place a total of 114 million Porsche preferred shares on the stock exchange. With a price range of EUR 76.50 to EUR 82.50, this corresponds to an issue volume of around EUR 8.7 to 9.4 billion. The subscription period begins this Tuesday and ends one day before the IPO, provided that the financial regulator Bafin approves the securities prospectus. This step was expected for Monday, but had not yet taken place at the time of writing.
Gustave parts
Business correspondent in Stuttgart.
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Overall, the sports car brand would be worth 70 to 75 billion euros on the stock exchange. That is pretty much in the middle of the previously rumored amounts of 60 to 80 or 85 billion euros. When Porsche first discussed a return to the stock market in October 2018, CFO Lutz Meschke said: “A valuation of 60 to 70 billion euros would not be out of the world.” The market acknowledged that the value was not higher a nod. In the current market environment, it is rather gratifying that the IPO should go through, said a broker.