Porsche electric model Taycan: Europe's largest IPO since 1999
Photo: Michaela Rehle / REUTERS
Volkswagen will apparently issue the shares of its sports car subsidiary Porsche at the upper end of the price range in its forthcoming IPO on Thursday.
One of the banks involved said that orders below EUR 82.50 per share might not be considered.
The issue was oversubscribed several times at this level.
The shares can be subscribed to until Wednesday, 2 p.m. On Thursday, Porsche and VW boss Oliver Blume wants to celebrate the debut of Porsche AG shares on the Frankfurt Stock Exchange.
The Reuters news agency initially reported that the order books would probably be closed on Tuesday.
The previous sole owner of the Stuttgart sports car manufacturer, Volkswagen, is offering 113.9 million Porsche preference shares in a range from 76.50 to 82.50 euros.
The huge demand is good news for the VW Group: If the maximum issue price is actually reached, the parent company could take almost 9.4 billion euros through the partial IPO.
Biggest IPO since 1999
In all likelihood, the Porsche IPO will be Europe's largest Initial Public Offering (IPO), as the listing is called, since 1999. The fact that the stock market climate has recently clouded over does not deter the VW Group: The sports car manufacturer could »as an icebreaker act in the market" and give the stock exchanges a boost, hope those responsible for the group.
Only non-voting preference shares will be issued at the IPO.
A quarter of this goes to the free shareholders, 75 percent will continue to be held by the VW Group in the future.
Porsche is reorganizing the supervisory board
Before the IPO, the sports car manufacturer Porsche AG had already reorganized its supervisory board.
The presidency will be slimmed down from eight to six people, the Stuttgart-based company announced.
In addition to Hans Michel Piëch, the Chairman of the VW Supervisory Board, Hans Dieter Pötsch, is also leaving the Executive Committee.
VW CFO Arno Antlitz and the new VW board member for IT and organization, Hauke Stars, move up.
In addition to face and stars, the executive committee now consists of Wolfgang Porsche, trade unionist Jordana Vogiatzi, and the works council members Harald Buck and Carsten Schumacher.
In addition to Stars, the two external managers Micaela le Divelec Lemmi and Melissa Di Donato Roos have also joined the Supervisory Board.
Hiltrud Werner, Hans-Peter Porsche and Thomas Schmall left the board.
The reason given by the sports car manufacturer was the establishment of necessary committees before the IPO.
The background may also be an increase in the proportion of women and the proportion of independent members on the supervisory board.