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Home Tech Automobiles

All important details regarding Porsche AG IPO; carmaker releases prospectus

by Thomas Babychan
September 19, 2022
in Automobiles, Business, Manufacturing, News, Popular, Tech, Trending, World
Reading Time: 2 mins read
0
Porsche AG IPO

Porsche AG IPO

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German automobile company Porsche AG on Monday published the prospectus for the initial public offering of the car manufacturer. According to media reports, the initial public offering of Porsche AG will be the second-largest IPO in the history of capital markets in Germany. 

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Pricing of the shares 

In the IPO, the company will offer non-voting preferred bearer shares with no par value at a price between 76.50 euros – 82.50 euros. The 25 per cent of preferred shares which are going for the initial public offering will amount to 12.5% of the total share capital of Porsche AG. 

Important Dates of Initial Public Offering 

September 19, 2022 – Publishing of the prospectus 

September 20, 2022 – Commencement of Offer period where private investors and qualified institutional investors can submit their purchase orders. 

September 29, 2022 – Ending of Offer period for private investors and institutional investors.

September 29, 2022 – First Trading day at the Frankfurt Stock Exchange 

October 3, 2022- Closing of the Offer 

Shareholding of Porsche AG pre- and post-IPO

As of September 19, 2022, Volkswagen AG indirectly holds 100% of the ordinary shares (50% of the total share capital) and 100% of the non-voting preferred bearer shares of Porsche AG with no par value. 

In simple terms, Porsche Holding Stuttgart GmbH, a subsidiary of Volkswagen AG owns 100% shares of the company. 

After the initial public offering, Porsche Holding Stuttgart GmbH will hold 78.26% shares in the automobile company while 16.75% shares will be freely floated on bourses. The sovereign fund of the State of Qatar, Qatar Investment Authority will be holding 4.99% Preferred Shares in the company. 

QIA had earlier entered into a cornerstone investment agreement with stakeholders of the company including Volkswagen AG and selling shareholders. 

As part of the proceedings related to the initial public offering and listing on the stock exchange, 911 million shares of Porsche AG will be divided into 455.5 million preferred shares and 455.5 million ordinary shares.

Along with QIA, sovereign wealth funds of Norway and Abu Dhabi also have signed a corner investment agreement with Porsche AG. Abu Dhabi Developmental Holding Company PJSC of the government and Norges Bank Investment Management owned by the Norway government will purchase Preferred Shares which are worth 300 million euros and 750 million euros respectively. Investment management company T. Rowe Price International Ltd will also purchase preferred shares worth 750 million euros. 

The investment agreements signed with Abu Dhabi Developmental Holding Company PJSC, Norges Bank Investment Management and T. Rowe Price International Ltd are all subject to certain customary conditions

Through the public offer, Volkswagen is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sports car maker Porsche.

Tags: #IPO_Launch#Pre_IPOInitial Public OfferingPorscheRed Herring prospectus (RHP)VolkswagenVolkswagen EuropeVolkswagen manufacturing
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Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

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