Porsche achieved a great success in the IPO yesterday. Despite the turmoil in the market, the luxury car manufacturer managed to bring its placement to fruition and sign the best debut on the German prosecutor’s office since it played in
Deutsche Telekom in 1996. Shares rose to 5.2%, though the price settled in during the day to close up 0.24%. The company raised 9.4 billion euros in the largest IPO in Europe since Glencore in 2011. Some of that liquidity will be spent on an extraordinary dividend to Volkswagen shareholders, in addition to the ordinary dividend of 50% of profits. after taxes. First dividend paid in 2023
worth 911 million euros plus an extraordinary cent per share.
Nearly 114 million Porsche preference shares were launched, much of which remained in the hands of anchor shareholders such as A.
Qatar Investment Authority and the Norwegian State Investment Fund. The Stuttgart luxury car manufacturer is valued at around EUR 76.5 billion and is already a strong contender for a place on the German stock market index (DAX).
We have successfully listed Porsche on the stock exchange. “Today is
a good day for Porsche and Volkswagen«, celebrated Volkswagen CFO Arno Antlitz, “Porsche is very well positioned to continue its successful strategy and take advantage of greater business agility and independence.” VW will also benefit because the group will have more influence to push forward in the direction of electromobility.
“We want to use the money we have earned for this,” confirms the Porsche boss,
Oliver Blumea, which also runs the parent company. “It is a dream come true,” he added, “we have been building sports cars at Porsche for almost 75 years and we have reached an important day for the company today, despite the environment due to the war in Ukraine, supply chains tense and other global crises had made it quite a challenge«.
Porsche has “repeatedly demonstrated that it can succeed in difficult times”, as the drivers noted, but the IPO has done more than
shed light on the real valuation of the sector of the car industry in Germany. For example, the share price of Porsche suggests that BMW and Mercedes are undervalued, probably chronically. In any case, it remains the best kept secret of the VW Group and its main controlling shareholders, Porsche and Piëch, as to why its most valuable asset had to come onto the market now, in such a hostile stock market environment.
Yet Porsche is valued at more than €76 billion, above much bigger rivals such as
Mercedes (58,000 million) and
BMW (47,000 million), despite the fact that the two German manufacturers each sell ten times more cars than Porsche.
Source: La Verdad
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
