Porsche IPO in Frankfurt
The IPO of Porsche AG starts promisingly this Thursday. The first price of the sports car manufacturer is 84.00 euros, after an issue price of 82.50 euros. The Stuttgart luxury car manufacturer was thus valued at 75 billion dollars.
With an issue volume of 9.4 billion euros, the Porsche IPO is the world’s largest initial public offering (IPO) in the third quarter and the third largest so far this year. In Europe, the Porsche IPO is the largest transaction of this type in eleven years: the Glencore IPO in 2011 had a higher issue volume, according to calculations by the business consultancy EY (Ernst & Young).
The preferential securities from the possession of the previous sole owner Volkswagen could be subscribed to on Wednesday afternoon. The original range was from 76.50 to 82.50 euros. But the accompanying investment banks had already signaled on Monday that the issue would take place at the maximum price.
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