The price per share of the initial public offering (IPO) of sports car maker Porsche was set at 82.50 euros (R$ 427.86) per share, according to a statement released by Volkswagen on Wednesday. (28).
With the stipulated value per share, the company should debut on the Frankfurt Stock Exchange this Thursday (29) with an estimated market value of around 75 billion euros (R$ 390 billion).
According to information from The Wall Street Journal, the offer places Porsche among the five largest car brands by market value, with Tesla in the lead, valued at around 915 billion euros (R$ 4.7 trillion).
Porsche is expected to raise a financial volume of approximately 9.4 billion euros (R$ 48.75 billion) from the transaction. The American newspaper highlights that it is the biggest IPO in Europe since Glencore’s offer in 2011, which moved around 10 billion euros (R$ 51.8 billion).
To carry out the share offering, Porsche divided its capital into a total of 911 million shares, a number that refers to one of the main models manufactured by the company, and was divided into 455.5 million preferred shares and 455.5 million of common shares.
Only preferred shares, without voting rights, will be listed on the market, and the sale to investors corresponds to a 25% share of preferred shares, or about 12.5% of the entire company.
The offer is expected to help the company finance the electrification of its car fleet and the development of self-driving cars.
According to market agents who followed the offer, requests for reservations from interested investors exceeded the total size of the IPO, drawing attention at a time of strong retraction in global markets in a scenario of rising interest rates in developed countries to combat higher inflation. of the last decades.
According to the American newspaper, investors estimate that Porsche’s business is relatively shielded from the growing prospect of a global recession, as buyers of its expensive vehicles are wealthy enough to absorb inflation and rising interest rates.
“Anchor investors”, who previously communicated their intention to participate in the operation by purchasing a significant lot of shares, reserved around 40% of the available offer, including the Qatar Investment Authority, a sovereign fund in the Arab country that is also one of the Volkswagen’s main shareholders Norges Bank Investment Management of Norway, manager T. Rowe Price and ADQ, an investment arm of the Abu Dhabi government.
with Reuters
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