VW shares strong after the trading day: issue price for Porsche IPO set – upper end of the range

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On Wednesday, Volkswagen set the issue price for the Porsche AG IPO, which will be completed on Thursday. In after-hours Tradegate trading, the VW shares are temporarily 2.19 percent higher at 140.02 euros.

With the IPO of the sports car subsidiary Porsche, Volkswagen collects almost 9.4 billion euros. The preferred shares will be issued to investors for EUR 82.50 each, at the upper end of the previously announced range of EUR 76.50 to EUR 82.50 per share. This was announced by VW on Wednesday evening after the end of the subscription period. This makes the IPO of Porsche AG the largest initial issue in Germany since Telekom in 1996.

As of Thursday, around 114 million of the 911 million Porsche securities can be traded on the stock exchange. This includes almost 15 million shares to cover over-allotments. Based on the issue price, Porsche has a market capitalization of almost 75 billion euros. That’s less than was expected prior to the recent stock market turmoil, but is in line with what analysts were recently forecasting. For comparison: the stock market value of the parent company VW was around 84 billion euros.

WOLFSBURG/STUTTGART (dpa-AFX)

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