BERLIN, Sept 19 — German auto group Volkswagen announced yesterday that it would launch its premium sports brand Porsche on the stock market at between nearly €70 and €75 billion (RM318 and RM340 billion).
The indicative price will fall between €76.50 and €82.50 per share, said a company statement. Porsche is due to be launched on the Frankfurt stock market on September 29.
If the launch goes near the upper end of the range proposed by Volkswagen, it would be one of the biggest European launches in recent years.
The auto giant officially signalled its intention to go ahead with the IPO on February 24, the day that Russia began its invasion of Ukraine.
The outbreak of the war has sown uncertainty in financial markets, sending stocks tumbling and clouding the outlook for the economy.
But the luxury brand continues to attract the attention of investors.
Volkswagen, by selling off some of its stake in Porsche, is hoping to get the billions of euros it needs to finance its investment in electric, connected and autonomous cars. — AFP