Volkswagen targets $75bn for Porsche IPO valuation – The Peninsula

Volkswagen targets $75bn for Porsche IPO valuation – The Peninsula

Berlin: Volkswagen AG set a valuation target of 70 billion ($70.1bn) to 75 billion euros for the initial public offering of its iconic sports-car brand Porsche AG, people familiar with the matter said.

The German carmaker is selling a 12.5% stake of Porsche’s total share capital, a reference to the brand’s most famous model. The price range for the share sale is set at 76.50 euros to 82.50 euros, the people said, declining to be named discussing private information.

The valuation is below an earlier top-end target of as much as 85 billion euros, but would still make the listing one of Europe’s biggest at a time of deep uncertainty in global markets. About four anchor investors have committed to invest, including the Norwegian sovereign wealth fund.

Qatar Investment Authority has made a preliminary commitment to buy a 4.99% stake, VW said earlier.

A spokesman for VW declined to comment.

The share sale will see the billionaire Porsche-Piech family regain influence lost control of their former family-run business more than a decade ago after a protracted takeover battle with VW. The company is pushing on with its IPO after markets soured amid the energy crisis, soaring inflation and higher interest rates.

Reuters earlier reported the valuation