For the start of the stock exchange in Frankfurt, VW and the umbrella company Porsche SE (PSE) had previously generally aimed for the end of September or the beginning of October. A specific day was initially not mentioned – the decision to go onto the floor was officially still subject to change due to the tense global economic situation.
The Wolfsburg inspectors have now set the price range: The Porsche AG preference will be offered in a corridor between 76.50 and 82.50 euros per item. The plan is to issue up to 113,875,000 shares – this includes almost 15 million papers for a possible over-allotment, as the parent company VW further announced. If everything goes as planned and the actual asking price levels off in the range mentioned, gross proceeds of EUR 8.71 to 9.39 billion are expected.
The companies have been examining the IPO, which has been brought up again and again for years, since February, and the fundamental decision was made two weeks ago. Europe’s largest car group wants to tap into additional sources of money. VW AG is planning billions in investments from the proceeds. She also hopes to become more attractive to investors herself. Several analysts recently estimated Porsche’s valuation at 70 to 85 billion euros, other forecasts put it at 80 to 100 billion euros. VW is currently worth a good 87 billion euros on the financial market.
Half of the share capital of Porsche AG was split into non-voting preference shares and half into ordinary shares with voting rights. Up to a quarter of the assets – i.e. around an eighth of all shares – are to go on sale in the near future. The new issue could be fully implemented by the end of the year, as was recently said.
At the same time, the PSE gets 25 percent plus one share in the tribes, so it has an influence on important decisions through a blocking minority. This step has now also been firmly agreed, and the PSE Supervisory Board approved a corresponding purchase agreement. Depending on the form of the final conditions on the day of the IPO, VW and Porsche-Holding calculate gross proceeds of 9.36 to 10.10 billion euros for the common stock business.
In total, the restructuring should result in 911 million individual securities – a kind of advertising gimmick with which Porsche alludes to its probably best-known model, the 911. The operational business with other series such as the Cayenne, Macan, Panamera or Taycan is bundled in the AG. In contrast, PSE, controlled by the Porsche and Piëch families, holds the majority of the voting rights in Wolfsburg.