Porsche IPO could issue 911 million shares

Reports also state that the 911 million shares will be split in half, consisting of 455.5 million preferred shares and 455.5 million ordinary shares.

According to media reports, the Volkswagen Group has confirmed that they will move forward with the IPO for its Porsche brand very soon. However, reports state that Porsche would issue 911 million shares in a nod to its most popular supercar ahead of going public.

Reports also state that the 911 million shares will be split in half, consisting of 455.5 million preferred shares and 455.5 million ordinary shares. Only the preferred shares will be listed. Further details of the price range, valuation, and confirmed cornerstone investors are likely to be announced at a slightly later stage.

Volkswagen's top shareholder, Porsche SE, has already committed to buying 25% plus one of the ordinary shares at a 7.5% premium to the preferred shares.

The German sportscar brand is targeting a valuation in the region of 70 - 80 billion euros.

Source: Reuters