The IPO of the sports car subsidiary Porsche brings to the Wolfsburg carmaker Volkswagen 9.08 billion euros. The Bank of America (BofA Securities) ended the support measures for the share – which were actually planned for four weeks – after it was listed stable above the issue price of EUR 82.50, as the US investment bank announced on Tuesday. The over-allotment option (greenshoe) was partially implemented, so that 110.1 million Porsche shares are now traded on the stock exchange. 24.2 percent of the preferred shares are thus in free float.
In the first few days after the initial listing, the bank bought 3.79 million Porsche securities from the placement reserve for 312.8 million euros on the market in order to boost demand and reduce supply. This should prevent the price from falling too far below the issue price. After that, the Porsche share rose to 93.70 euros, on Tuesday it was 86.10 euros. Support purchases are only permitted up to the issue price.
Overall, Volkswagen can expect more than 19 billion euros from the partial sale of Porsche AG. The listed family holding company Porsche SE has already paid almost 7.1 billion euros to Volkswagen for 17.5 percent of the ordinary shares. Another 7.5 percent are to follow for three billion euros at the beginning of 2023, as soon as VW has distributed part of the proceeds from the IPO as a special dividend to shareholders. Porsche SE is Volkswagen’s largest shareholder and can count on three billion euros alone.