Porsche share price set at 82.5 euros for mega IPO

Agence France-Presse

Posted at Sep 29 2022 08:28 AM

Porsches for sale at one of the brand's dealerships in Tyson's Corner, Virginia, USA, 06 September 2022. The Volkswagen Group, which owns Porsche, announced it will spin off the iconic sports car brand in an IPO this fall. EPA-EFE/JIM LO SCALZO
Porsches for sale at one of the brand's dealerships in Tyson's Corner, Virginia, USA, 06 September 2022. The Volkswagen Group, which owns Porsche, announced it will spin off the iconic sports car brand in an IPO this fall. EPA-EFE/JIM LO SCALZO

FRANKFURT, Germany - German auto giant Volkswagen announced a final listing price of 82.50 euros a share for its luxury sports car brand Porsche, a day before one of Europe's biggest flotations in years. 

The price for the Porsche flotation was at the top end of a previously announced range of between 76.50 to 82.50 euros ($80.30). 

With 113.9 million shares to be issued, Volkswagen is set to raise 9.4 billion euros, which will help to boost the group's shift towards electric vehicles. 

The share price gives Porsche a valuation of about 75 billion euros.

Thursday's listing on the Frankfurt stock exchange comes at a difficult time, with markets in turmoil as inflation surges and recession fears are mounting. 

But the maker of the 911 sports car hopes its brand power can still attract investors to the flotation, set to be Europe's biggest since Switzerland-based commodities giant Glencore in 2011. 

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