As of 29 September 2022, Volkswagen Group’s golden child, Porsche AG, is officially listed on the Frankfurter Wertpapierbörse or the Frankfurt Stock Exchange.
It’s no secret that the majority of the year has been relatively bleak, with multiple markets entering a bearish state with the threat of a global recession. This historical event, perhaps one of the largest in European stock market history, may just as well be the light at the end of the tunnel.
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Where and when is the Porsche IPO?
The offering period began on 20 September 2022 and ended on 28 September 2022. Trading of the preferred shares started on 29 September 2022. The Porsche AG stocks were officially launched and listed on the Regulated Market of the Frankfurt Stock Exchange. Trading hours start from 9:00am - 17:30pm (GMT+2).
What is Porsche AG?
Porsche AG stands for Doktor Ingenieur honoris causa Ferdinand Porsche Aktiengesellschaft. It has proven to be Volkswagen’s golden child, generating $3.9 billion operating profit in 2019, $4.2 billion in 2020 and a whopping $5.5 billion in 2021.
Experts estimate the automotive company’s valuation at around $90 billion. To put it in perspective, Volkswagen is currently valued at around $116 billion, while other German counterparts BMW and Mercedes-Benz, are listed at $51 billion and $68 billion, respectively.
Who owns Porsche AG?
In 2011, Volkswagen AG made waves in the automotive industry when it bought the world-renowned brand. Porsche joined Audi, Lamborghini, Bentley, and Ducati in Volkswagen Group’s lineup of high-performance car brands.
How many shares will go public?
Volkswagen will divide Porsche AG into ordinary shares and preference shares. Ordinary shares will stay with Volkswagen to retain control, while 25% of the preference shares will be up for grabs. This means Volkswagen will float about 12.5% of the total shares.
It is worth noting that holders of preference shares do not hold any voting rights, but the company will prioritise them for dividends.
How much will a preferred share be?
Volkswagen AG announced on 18 September 2022 that the price range has been set at $76.5 to $82.5 per preferred share. Volkswagen AG will receive all the proceeds of the IPO.
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