Volkswagen’s supervisory board is due to meet on Sunday to move forward with Porsche’s IPO, which will include 911 million shares in reference to its most famous model, two sources close to the matter said.
Details on the price range, valuation and confirmed fundamental investors are likely to be announced after the meeting, a third source said.
Porsche’s 911 million shares will be divided into 455.5 million preferred shares and 455.5 million common shares, according to the website for the placement of shares. Only preferred shares will be listed.
Porsche, Volkswagen’s main shareholder, has already committed to buy 25% plus one of the common shares at a 7.5% premium over preferred shares.
The investor roadshows are expected to conclude this Friday, sources said, giving executives time to have discussions over the weekend before opening the process of creating the accounting records early next week.
A prospectus for the offering is expected to be published on Monday, the sources said, after which institutional and private investors can subscribe for shares.
Volkswagen and Porsche declined to comment.
Porsche’s valuation is expected to be between 70 billion and 80 billion euros, one of the sources said, downplaying an HSBC analyst note this week that valued the sports car maker in the range of 44.5 billion to 56.9 billion euros. .
But nothing is certain while the process is underway, this source added.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
