Volkswagen is expected to set the IPO price for sports car company Porsche at the upper end of the price range, which indicates strong demand for the IPO.
It is noteworthy that the price range for offering Porsche shares ranges between 76.50 and 82.50 euros per share.
The final price of the offering is expected to be announced tomorrow, Wednesday, and the shares will start trading on the Frankfurt Stock Exchange on Thursday.
As part of the listing, Porsche’s 911 million shares will be divided into 455.5 million preferred shares and 455.5 million common shares.
Up to 113,875,000 preferred shares will be offered, without voting rights, according to CNBC and Al Arabiya.net.
Volkswagen reported that the sovereign wealth funds of Qatar, Abu Dhabi and Norway, as well as mutual fund company T. Rowe Price, will subscribe to up to 3.68 billion euros of preferred stock as primary investors, at the maximum valuation.