Porsche to launch IPO in September, targets $85 billion valuation

While investors would be able to purchase shares, they won't carry voting rights.

According to media reports, Porsche is said to be preparing to launch its IPO in September, with a target valuation of around $60 - 85 billion.

Porsche is said to announce its plans for the Initial Public Offering (IPO) following the sign-off by the supervisory board sometime in the first week of September. Reports state that the company has already received more pre-orders for shares than available.

Marquee companies like T Rowe Price Group and Qatar Investment Authority are said to have expressed interest. Other interested investors also include Red Bull founder Dietrich Mateschitz and Bernard Arnault, the boss of LVMH, the group for brands like Louis Vuitton, Dior and Fendi.

However, under the terms of the IPO, Volkswagen will be the biggest shareholder in Porsche. Also, while investors would be able to purchase shares, they won't carry voting rights.

Source: CarScoops