FRANKFURT, Sept 29 ― German auto giant Volkswagen announced yesterday a final listing price of €82.50 (RM371.04) a share for its luxury sports car brand Porsche, a day before one of Europe's biggest flotations in years.
The price for the Porsche flotation was at the top end of a previously announced range of between €76.50 to €82.50.
With 113.9 million shares to be issued, Volkswagen is set to raise €9.4 billion, which will help to boost the group's shift towards electric vehicles.
The share price gives Porsche a valuation of about €75 billion.
Today's listing on the Frankfurt stock exchange comes at a difficult time, with markets in turmoil as inflation surges and recession fears are mounting.
But the maker of the 911 sports car hopes its brand power can still attract investors to the flotation, set to be Europe's biggest since Switzerland-based commodities giant Glencore in 2011. ― AFP
