The carmaker's valuation will be below some earlier estimates - but should still catapult it above rivals such as BMW, with a valuation of 47 billion euros, and Mercedes-Benz, with a 56-billion-euro capitalization. The IPO will see 113.9 million shares of "Porsche AG" issued. Rowe Price.īut German automotive expert Ferdinand Dudenhoeffer cautioned "it is not the best time for an IPO," noting the Frankfurt stock market had fallen heavily since the start of the year.īut he said the conditions did exist for Porsche's listing to be a success, and it would be "exciting to see how it develops in a difficult economic environment". It has generated interest from major investors, including Qatar and Abu Dhabi's public investment funds, Norway's sovereign wealth fund and US asset management firm T. 'Car market catalyst' -Īnalysts are looking to the carmaker's market entry for some cheer against a morose economic backdrop, with investment bank Berenberg saying it could "offer a catalyst in an industry sorely lacking positive surprises". In terms of value of shares issued, Porsche's is set to be the biggest stock market debut in Germany since Deutsche Telekom's in 1996, and the largest in Europe since the 2011 flotation of Switzerland-based commodities giant Glencore. Some of the cash raised will be ploughed into Volkswagen's high-speed drive towards electric vehicles, which has brought the legacy carmaker into more direct competition with U.S. Porsche's shares will each be issued at 82.50 euros - the top end of an initial range - which gives the carmaker a valuation of 75 billion euros. Parent company Volkswagen is set to raise 9.4 billion euros ($9.2 billion) from the listing. "It will be the largest IPO in Germany for decades!" "On Thursday, sports car icon Porsche goes full throttle and races onto the stock market," read a column in the paper.
The initial public offering (IPO) has generated buzz in Porsche's home market of Germany, where top tabloid Bild described it as "crazy, cool, fast-paced". Luxury sports carmaker Porsche will debut on the Frankfurt stock exchange Thursday in one of Europe's biggest listings in years, hoping its brand power can attract investors despite market turbulence.Įven as stocks worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car is pushing ahead with the blockbuster flotation.
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