This week, Porsche is going public, and each share will cost €82.50 ($79.89), which is at the top of the company’s price range.
The Volkswagen Group will sell 12.5% of the company’s non-voting shares as part of its initial public offering (IPO). This will raise about €9.4 billion ($9.1 billion) and put the automaker’s value at €75.2 billion ($72.8 billion). This will make it the second-largest list that Germany has ever had.
At least 911 mia llion shares will be sold, and about half of the money made from being listed on Frankfurt’s stock exchange will be given back to shareholders. The rest of the money will help VW make the switch to all-electric cars.
“If the IPO goes well, Volkswagen AG will hold an extraordinary general meeting in December 2022. “At that meeting, it will propose to its shareholders that, at the start of 2023, they receive a special dividend of 49% of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares,” the Volkswagen Group said in a statement.
Even though the stock market is unstable and many people are worried about the economy, the IPO is still going to happen.
“This [IPO] is a key part of the group,” Porsche CFO Arno Antlitz said in a statement earlier this month. “The possible proceeds would give us more freedom to speed up the transformation even more.”
Last week, Daniela Cavallo, the head of VW’s works council, told the press that the car company could sell more Porsche shares in the future to make more money.
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