Entertainment Porsche gives stock exchange debut and collects 9.4 billion euros an

07:30  29 september  2022
07:30  29 september  2022 Source:   finanzen.net

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after years of speculations and months of examination, the sports car manufacturer Porsche gives its stock exchange debut. The initial note on the Frankfurt stock exchange rinses almost 9.4 billion euros into the coffers of the parent company Volkswagen, as it became known late Wednesday evening. Despite tense financial markets, the Stuttgart succeeds in the largest German IPO since Telekom in 1996. Today, the first trading price is to be announced on the Frankfurt Stock Exchange.

Das Porsche-Zentrum in Stuttgart - heute bringt der Volkswagen-Konzern seine Sportwagentochter Porsche AG an die Börse. © Marijan Murat/dpa The Porsche Center in Stuttgart-today the Volkswagen Group brings its sports car daughter Porsche AG to the stock exchange.

The issue price per preferred share was set on Wednesday with 82.50 euros and was therefore at the top of the span of 76.50 to 82.50 euros per securities. In view of the high demand, investors had already been expected. A total of almost 114 million preferential shares are placed. This includes around 15 million shares for multi -assignments.

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911 million individual securities

"We are very pleased that we were able to carry out a successful IPO of Porsche AG," said VW CFO Arno Antlitz. The high demand shows the trust of investors in Porsche. The sports car manufacturer now benefits from more agility and entrepreneurial independence. Volkswagen gave the revenues from the IPO more financial flexibility in transformation towards electromobility and digitization.

A total of - based on Porsche's most famous model - 911 million individual securities. In relation to the issue price, this means a market capitalization of around 75 billion euros. In preparation for the IPO, the share capital was divided half into voting regular shares and voting rights shares. A quarter of the preferred shares - 114 million papers - can now be traded under the ticker symbol “P911”.

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also receives the umbrella company Porsche SE (PSE) 25 percent plus a stock of the tribes for a purchase price of 88.69 euros. The PSE, controlled by the Porsche and Piëch families, thus gets a blocking minority and thus influence on important decisions. A total of 10.1 billion euros flow into the coffers of Volkswagen AG through the deal. The PSE wants to finance the majority of the purchase price with debt.

revenues are intended to promote electromobility and digital. With the income, the Wolfsburgers want to finance billions of investments in electromobility and digital. According to previous information, almost 49 percent of the proceeds could go to the VW shareholders - an extraordinary general meeting in December should vote on this. The VW employees in the house tariff and in Saxony also win 2000 euros bonus. Porsche has not yet officially announced the amount of a possible bonus for the employees.

The Stuttgarters hope for a step more independence from the walk to the parquet. In 2008/2009 the Stuttgarters tried to take over VW - that failed and the Lower Saxony swallowed the sports car maker. Since then, Porsche has been a return pearl in the VW group and has been aiming for an operational profit before interest and taxes (EBIT) of 20 percent in the long term. Such margins can only be fetched in the luxury area and with appropriate prices.

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