Porsche will list shares on the stock exchange at the end of September
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Shares of the luxury automaker Porsche will be listed on the Frankfurt stock exchange in late September – early October, about this informed concern Volkswagen Group the day before, September 5th.
“On February 24, 2022, Volkswagen AG announced that it will explore the IPO of Dr. Ing. h.c. F. Porsche AG. Based on the results of this review, the board of Volkswagen AG today decided, with the consent of the Supervisory Board, to conduct an initial public offering of Dr. Ing. hc F. Porsche AG to list them on the regulated market of the Frankfurt Stock Exchange <...> at the end of September – beginning of October 2022,” the company said in a statement.
In advance of the IPO, Porsche’s share capital was divided into two equal parts: 50% of the company’s capital was allocated to preferred shares, and the other 50% to ordinary shares without voting rights. During the placement on the exchange, investors will be offered 25% of Porsche preferred shares.
The remaining 25% of preferred shares and 1 ordinary share will be acquired by the Porsche SE holding 25% plus 1 ordinary share, through this structure the heirs of Porsche will own the shares, which will allow them to have a blocking minority stake in the VW Group and influence key decisions in the development of the German automaker.
VW Group also said that in the event of a successful IPO, 49% of the proceeds from the funds will go to dividend payments to shareholders. The rest of the amount will be spent on the modernization of the concern and the transition to the production of electric vehicles.
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