The share sale could be Europe’s biggest listing in a decade.
In what may be the biggest listing in Europe in more than a decade, Volkswagen AG is aiming to generate up to 9.4 billion euros ($9.41 billion) from the initial public offering of Porsche AG, its storied sports car manufacturer.
The automaker confirms the inclusion of four major investors.
The listing proposal is backed by resolute commitments from significant investors, notwithstanding a slump in the stock market.
The sovereign wealth fund of Norway, Qatar Investment Authority, T. Rowe Price, and ADQ want to purchase preferred shares for up to 3.7 billion euros, according to the company.
According to VW CFO Arno Antlitz, “We are now in the home stretch with plans for an IPO for Porsche and admire the dedication of our key investors.”
On September 20, the offer period will start, and the first auction is slated for September 29.