Volkswagen targets $70.1 billion to $75.1 billion valuation in planned Porsche IPO

Volkswagen is targeting a valuation of 70 cardinal to 75 cardinal euros ($70.1 cardinal to 75.1 billion) for luxury sportscar shaper Porsche arsenic portion of a planned archetypal nationalist offering (IPO) of the division, a idiosyncratic acquainted with the substance said.

The pricing scope formed the ground for discussions successful the supervisory committee that were taking spot connected Sunday. Volkswagen was expected to denote the pricing scope of the Porsche IPO, planned for precocious September oregon aboriginal October, aboriginal successful the evening.

The valuation translates into a pricing scope of 76.50 euros to 82.50 euros apiece for the preferred shares of Porsche that are to beryllium sold arsenic portion of the listing, the root said.

This could effect successful proceeds of 8.7 cardinal to 9.4 cardinal euros, which would marque it Germany's 2nd biggest IPO successful past and, astatine the precocious extremity of the valuation, Europe's 3rd largest connected record, according to Refinitiv data.

Volkswagen declined to comment.

A banal speech prospectus is expected to beryllium published connected Monday, aft which organization and backstage investors tin subscribe to Porsche shares.

As portion of the listing, 911 cardinal Porsche AG shares volition beryllium divided into 455.5 cardinal preferred shares and 455.5 cardinal mean shares. Only the preferred shares volition beryllium listed.

Porsche, the holding institution controlled by the Porsche and Piech families and Volkswagen's apical shareholder, has already committed to buying 25% positive 1 of the mean shares astatine a 7.5% premium to the preferred shares.