The approximate offer price will range from 76.50 to 82.50 euros per share, according to a press release from Volkswagen.
German automaker Volkswagen announced Sunday, Sept. 18, plans to list its sports subsidiary Porsche on the stock market Sept. 29 and seek a valuation of up to 75 billion euros, making it one of the largest listings in Europe in recent years. The tentative bid price will be between 76.50 and 82.50 euros per share, Volkswagen said in a press release. This would be one of the highest quotes in Europe in recent years, Le Figaro reported.
By relinquishing some of its control of the car maker, Volkswagen is seeking the billions it needs to finance its investment in the electric car. Thus, the group indicates in its press release that it expects the operation to generate up to 9.4 billion euros.
Porsche's capital was divided into 50% preferred shares, offering increased dividends but no voting rights, and 50% common shares with voting rights. Volkswagen plans to float 25 percent of its preferred shares, or 113,875,000 shares, representing 12.5 percent of the company's capital. The German manufacturer unveiled its plan to float Porsche on the stock market last winter, on Feb. 24. The economic turmoil that followed put the timetable in doubt, but the manufacturer finally confirmed the IPO despite the turbulent financial markets.