Porsche AG’s initial public offering (IPO) will be made up of 911 million shares – an apparent reference to its iconic sports car – priced between €76.50 and €82.50 (£67.03-£72.28).
These shares will be split 50:50 into 455.5 million preferred shares (which get priority over receiving dividends) and 455.5 million ordinary shares (which enable voting rights for issues including company strategy), with only the former being listed publicly.
This amounts to 12.5% of the company being offered in a move that Porsche CEO Oliver Blume called an “icebreaker”, expected to raise between €18.1bn and €19.5bn (£15.8bn-£17bn) for a raft of new electric cars. Autocar previously reported that Porsche is currently developing more advanced battery technologies for six next-generation electric models due to be launched between 2024 and 2027.
This is despite the market having been weakened by inflation and mounting geopolitical tensions, such as the war in Ukraine. The German DAX index is down 19.9% year to date as of 20 September.
VW chief financial officer Arno Antlitz…
