Porsche pricing pre-IPO
Porsche’s upcoming IPO will be Germany’s second-largest IPO ever, with a valuation ranging from €8.71 billion to €9.39 billion ($12.975 to $13.987 billion).
Volkswagen AG will offer shares of Porsche AG between September 20 and 28, with prices ranging from €76.50 to €82.50 ($114 to $123) per share. The shares will list and begin trading on the Frankfurt Stock Exchange on September 29.
The company has been divided into 911 million shares, of which 50% are preferred shares without voting rights.
Up to 25% of those preferred shares (12.5% of the company) will be offered to investors in Germany, Austria, France, Italy, Spain and Switzerland as part of the IPO. , while some shares will be sold through private placement.
The Qatar Investment Authority has committed to buy 4.99% of the preferred shares as a platform investor (worth up to 1.88 billion euros).
Other platform investors include Norges Bank Investment Management (€750 million), T. Rowe Price (€750 million) and ADQ (€300 million).
The Porsche-Piech family – through Porsche Automobil Holding SE – will purchase 25% plus one ordinary voting stock in Porsche, giving the Porsche-Piech family a blocking minority stake in their eponymous brand. .
Porsche has previously said that the IPO is designed to “unleash its full potential” by taking advantage of:
- “Iconic brand and racing heritage”
- “Structured growth environment”
- “Premium Customer Experience”
- “Advanced battery electric vehicle technology”
- “Commitment to Sustainable Luxury”
- “Performance culture is people-centered”
- “Attractive financial performance”
It will mark the end of the current profit and loss transfer agreement between Volkswagen AG and Porsche, but will not represent the end of their “successful partnership”.
Porsche is targeting more than 80% of vehicles delivered by 2030 to be BEVs. It also hopes to have a net carbon-neutral value chain by 2030.
The German carmaker predicts its future customers will be younger and come from a variety of backgrounds. It also expects the proportion of female customers to increase.
Porsche will follow in the footsteps of Ferrari (listed in 2015) and Polestar (listed in 2015).listed earlier this year) when it IPO.