Employees of German car manufacturer Porsche assemble the windscreen of a Porsche 911 at the Porsche plant in Stuttgart-Zuffenhausen, Germany, February 19, 2019. Picture taken February 19, 2019. REUTERS/Ralph Orlowski/File Photo
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MILAN, Sept 10 (Reuters) – Porsche AG wants to be ready for a proposed IPO as soon as possible, an executive at Volkswagen’s luxury sports car division (VOWG_p.DE) was quoted as saying on Saturday, as investors expressed massive interest in the IPO ( IPO).
“We are pleased about the strong interest in our company and are confident despite the difficult market conditions,” said Porsche CFO Lutz Meschke of the Italian daily newspaper Il Sole 24 Ore.
“We want to be ready for the IPO by the end of September or the beginning of October,” Meschke continued. “The sooner the better.”
Porsche on Monday published a so-called floating intention for a share sale to start in late September or early October and be completed by the end of the year, but added that the listing and timing are “subject to further capital market developments”.
In total, shares amounting to around 12.5% of Porsche’s total capital are listed. Investors estimate the total value of Porsche at up to 85 billion euros. Continue reading
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Reporting by Elvira Pollina and Victoria Waldersee; Adaptation by David Holmes
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