Porsche AG’s initial public offering (IPO) raised €19.5 billion for parent company the Volkswagen Group, Reuters has reported.
The listing of 911 million shares – an apparent reference to its long-running sports car – was split 50:50 into preferred and ordinary shares. The former gets priority over receiving dividends, whereas the latter grants voting rights on issues including company strategy. Only the preferred shares were publicly traded.
This amounted to 12.5% of Porsche AG being sold to investors in a “historic moment” for the company, according to CEO Oliver Blume. The flotation puts its value at around €75bn.
Some 49% (€9.6bn)
