Porsche Moving Ahead At Full Speed With IPO Proceedings

More than a year ago, we heard that Porsche might be planning an initial public offering (IPO). This would generate a load of cash while allowing the Porsche and Piech families to retain control of the valuable automaker, but more on that later.

At the end of the year, the rumors resurfaced, but in March of this year, Porsche announced that the war in Ukraine was concerning enough that it would potentially need to delay the listing. There's been a lot of back and forth since then, and Porsche CEO Oliver Blume is nowin charge of Volkswagen too, but it's pretty clear that the automaker has plenty of willing investors and价值约850亿美元吗.

我们可以很快find out how accurate that estimate is, as Porsche has today announced a so-called intention to float for an IPO late this month or early in October, with the listing to be completed by the end of the year.

"We very much welcome the decision of the Volkswagen Supervisory Board in favor of an IPO of Porsche AG," said Blume. "This is a historic moment for Porsche. We believe an IPO would open up a new chapter for us with increased independence as one of the world's most successful sports car manufacturers. It would strengthen our ability to further execute our strategy."

Porsche says that the share capital of the company was divided into 50% Preferred Shares and 50% Ordinary Shares. The IPO will offer up to 25% of non-voting Preferred Shares to be listed on the Frankfurt Stock Exchange. The public offerings will take place in Germany, Austria, France, Italy, Spain, and Switzerland, but there will also be private placements for institutional investors. Porsche aims for a dividend payout ratio of 50% of the Porsche Group's International Financial Reporting Standards consolidated profit after tax, which shareholders would receive in the mid-term.

Existing shareholders include the German state of Lower Saxony and the UAE nation of Qatar, and current shareholders would receive 49% of the gross proceeds generated from the sale of the shares.