{"id":1647177,"date":"2022-09-19T12:35:45","date_gmt":"2022-09-19T16:35:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1647177"},"modified":"2022-09-19T12:36:58","modified_gmt":"2022-09-19T16:36:58","slug":"porsche-ipo-valuation-sends-volkswagen-shares-up-1-3","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/porsche-ipo-valuation-sends-volkswagen-shares-up-1-3\/","title":{"rendered":"Porsche IPO valuation sends Volkswagen shares up 1.3%"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fporsche-ipo-valuation-sends-volkswagen-shares-up-1-3%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1647177&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BERLIN (Reuters) \u2013     Volkswagen shares were up 1.3% when markets opened on Monday after the carmaker said on Sunday it was targeting a valuation of up to 75 billion euros ($74.84 billion) for luxury sportscar brand Porsche.<\/p>\n<p>The issue could be Europe\u2019s third largest IPO on record if the upper price target is reached, according to Refinitiv data. <\/p>\n<p>Volkswagen\u2019s share price was trading at 147.38 euros by 0727 GMT, from 145.38 at Friday\u2019s close. The shares had risen 3% in premarket trade on Monday.<\/p>\n<p>Shares in Porsche Holding SE, Volkswagen\u2019s largest shareholder, were 1.5% higher, topping Germany\u2019s DAX blue-chip index.<\/p>\n<p>Volkswagen announced on Sunday night it would price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share.<\/p>\n<p>A prospectus with further details on the listing is expected to be published on Monday afternoon.<\/p>\n<p>The carmaker plans on placing up to 12.5% of Porsche\u2019s share capital with investors in the form of preferred shares, which do not carry voting rights.<\/p>\n<p>Trading will begin on the Frankfurt Stock Exchange on Sept. 29, in potentially Germany\u2019s second-largest IPO in history.<\/p>\n<p>Already, cornerstone investors have laid claim to almost 40% of the share capital on offer: Qatar Investment Authority, Volkswagen\u2019s third-largest shareholder, has committed to buying 4.99%, while Norway\u2019s sovereign wealth fund and T. Rowe Price will purchase shares worth 750 million euros, Sunday\u2019s statement said.<\/p>\n<p>Abu Dhabi\u2019s ADQ will buy shares worth 300 million euros.<\/p>\n<p>\u201cThe Porsche IPO will most likely be a success\u2026 investors are queuing up. If the Porsche IPO goes well, one could imagine placing other parts [of Volkswagen] such as Audi on the stock exchange,\u201d auto expert Arndt Ellinghorst of data analytics firm QuantCo said.<\/p>\n<p>The subscription period for private and institutional investors is expected to run from Sept. 20 to Sept. 28, with shares offered to private investors in Germany, Austria, Switzerland, France, Italy and Spain.<\/p>\n<p>In line with Volkswagen\u2019s agreement earlier in September with Porsche SE, 25% plus one ordinary share in the sportscar brand, which do carry voting rights, will go to Porsche SE at the price of the preferred shares plus a 7.5% premium.<\/p>\n<p>Porsche SE will finance the acquisition of the ordinary shares with debt capital of up to 7.9 billion euros, it said in a separate statement.<\/p>\n<p>Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.<\/p>\n<p>($1 = 1.0029 euros)<\/p>\n<p> (Reporting by Victoria Waldersee, editing by Rachel More and Susan Fenton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2750066\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8I05Y-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8I05Y-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BERLIN (Reuters) \u2013 Volkswagen shares were up 1.3% when markets opened on Monday after the carmaker said on Sunday it was targeting a valuation of up to 75 billion euros<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1647177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1647177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1647177"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1647177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1647177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1647177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1647177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}