Porsche could go on the stock exchange by the end of this year, if the plan is made by the parent company Volkswagen approved by the board of directors of both companies.
After confirming earlier this week that it was consider a rise of the sports car brand, Volkswagen has now outlined how it intends to bring Porsche to the public once again.
Porsche shares will be divided equally between voting common stock and non-voting preferred shares.
The Porsche-Piech family – through the confusing name 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.
The Qatar Investment Authority (QIA) also plans to take a stake in Porsche. With a 14.6% stake, QIA is currently the second largest shareholder in Volkswagen after the Porsche-Piech family with 31.4%.
As part of the proposal, Volkswagen will pay a special dividend of 49% of the total proceeds from the float, helping the Porsche-Piech or QIA family pay their shares.
Funds from the IPO will also be used to pay a special payout of approximately €2000 ($3150) each for 130,000 Volkswagen employees.
Only 25% of Porsche’s non-voting preference shares will be listed on the stock exchange as part of an initial public offering (IPO).
As a result, Volkswagen will continue to hold a majority stake in Porsche, and will continue to include the brand in its financial statements “by way of complete consolidation”.
While Porsche’s 301,900 sales account for just 3.5% of the Volkswagen Group’s total sales of 8.6 million units in 2021, the luxury brand’s hefty profit margins mean it takes the weight. significantly larger in the automaker’s profits.
Bloomberg Porsche is estimated to have a valuation of around 85 billion euros ($134 billion). Funds raised from the float will likely be used to fund the Volkswagen Group’s ongoing development of electric vehicle architectures, new EV models and autonomous driving research. onion.
The companies said “industrial cooperation between Volkswagen AG and Porsche AG” [will] continue after the IPO”.
Since the Porsche brand became part of the Volkswagen Group in 2011, the brand has become closely integrated into the larger carmaker’s research and development systems.
In addition to using team platforms, such as MLB for Macan and Cayenneit developed the MSB architecture as the foundation for Panamera and Bentley Continental.
The Porsche Taycan and the Audi e-tron GT share the same EV platform, and the two brands are designing the upcoming Platform Premium Electric (PPE) that will form the basis of the second-generation Macan and the new Q6 e-tron.
Based on Automotive NewsArno Antlitz, Volkswagen Group Chief Financial Officer, said the Porsche IPO could take place as early as the fourth quarter of 2022.
