vW's initial public offering of its iconic sports-car maker Porsche AG could be Europe’s largest listing in more than a decade.
Volkswagen AG is looking to raise as much as 9.4 billion euros from the initial public offering of its iconic sports-car maker Porsche AG in what could be Europe’s largest listing in more than a decade.
“We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors,” VW’s Chief Financial Officer Arno Antlitz said. The offer period will start on Sept. 20 with a planned trading start on Sept. 29. During meetings with potential investors, VW pitched the listing as a chance to invest in a company that combines the best of carmaking rivals like Ferrari NV and luxury brands such as Louis Vuitton.
Aside from offering investors a slice of one of the most recognizable names in carmaking, the IPO will hand back significant decision-making power to the Porsche-Piech family, who lost control of the sports-car maker more than a decade ago after a protracted takeover battle with VW.
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