Volkswagen Seeks Proceeds of $9.4 Billion in Record Porsche IPO

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(Bloomberg) — Volkswagen AG is looking to raise as much as 9.4 billion euros ($9.41 billion) from the initial public offering of its iconic sports-car brand Porsche AG in what could be Europe’s largest listing in more than a decade.

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The German carmaker set a price range of 76.50 euros to 82.50 euros for the sale of as many as 113,875,000 preferred shares, including an over-allotment option, VW said late Sunday. 

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This target equates to a valuation of 70 billion to 75 billion euros for the maker of the 911 sports car, below an earlier top-end goal of as much as 85 billion euros as the listing is set to go ahead at a time of deep uncertainty in global markets. The start of trading is set for Sept. 29, the company said.

About four anchor investors have committed to invest in the offering of 25% of Porsche’s preferred shares, including the Norwegian sovereign wealth fund, people familiar with situation said, who declined to be named discussing private information. Qatar Investment Authority has made a preliminary commitment to buy a 4.99% stake, VW said earlier.

The share sale will see the billionaire Porsche-Piech family regain influence over their former family-run business more than a decade ago after a protracted takeover battle with VW. 

The offer is set to reopen European markets, which have been largely shut for most of the year with investors shying away from IPOs after markets soured because of the energy crisis in Europe, rising interest rates and record inflation.