Volkswagen to soon discuss planned Porsche IPO with management
- Volkswagen has already conducted a feasibility study for the initial public offering of Porsche.
Volkswagen AG heads will discuss the planned public listing of its Porsche brand on September 5, informed the auto major. According to a report by Bloomberg, Volkswagen has conducted a feasibility study for an initial public offering and the brand's management and supervisory boards will discuss the issues related to the initial public offering which is, whether it can be carried forward at the end of September or at the beginning of October this year.
The top body will also take into account the approval of the sale of 25 per cent and one share of the ordinary shares to Porsche Automobil Holding which is the main investment segment of the Porsche and Piech billionaire owner family. Volkswagen has been on the public listing of Porsche for months now. The listing which could have been one of Europe's biggest initial public offerings ever became stagnant due to various difficult market conditions.
Also check these Cars
Also Read : Porsche models stuck in factory bottleneck as supply chain issues strike )
Porsche has created an investor interest in its IPO at a valuation of about $85 billion. Sources said the premium sports carmaker also secured pre-orders that exceed the shares on offer at a valuation between 60 billion and 85 billion euros. The report stated Porsche has been weighing interest from billionaires that include the founder of energy drink maker Red Bull, Dietrich Mateschitz, as well as LVMH Chairman Bernard Arnault. Big investors such as T Rowe Price Group Inc. and Qatar Investment Authority have also been taking interest in subscribing to the IPO in that valuation range.
Also Read : Porsche Vision Gran Turismo to sports new look at Gamescom )
In addition to this, Porsche is also gearing up to introduce the electric version of the Macan next year. It is also aiming to produce more than 80,000 units of the fully-electric Porsche Macan similar to the internal combustion variant of the SUV.
Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.