10:32 am, September 12, 2022
Porsche has given more details about its proposed stock market float with bosses saying they want the firm to be ready ‘as early as possible’.
Car Dealer reported last month that the Stuttgart-based manufacturer was planning to list itself on the stock market with a valuation of between €60bn (£50.8bn) and €85bn (£72bn).
Since then, the German firm has published a so-called ‘intention to float’ ahead of a planned share sale at the end of this month.
According to the document, a total of 12.5 per cent of Porsche’s total capital will be listed when the floatation does take place.
However, Reuters reports that the timing and listing are ‘subject to further capital market developments’.
Speaking about the plans, Lutz Meschke, deputy chairman and member of the executive board finance and IT at Porsche AG, said: ‘We welcome a strong interest in our company and we are confident despite challenging market conditions.
‘We want to be ready for the IPO at the end of September, early October. The earlier the better.’
Investors including the Qatar Investment Authority and T Rowe Price, of the United States, have apparently indicated interest in Porsche, while the company has also been evaluating interest from Red Bull founder Dietrich Mateschitz, among others.
Earlier this year, Lotus announced plans to potentially float its EV Lotus Technology division in a move that would value it at £5-6bn.
