Porsche wishes to be ready for a planned stock market listing as early as possible, an executive at the luxury sportscar unit of Volkswagen reportedly was quoted as saying at the weekend, as investors showed huge interest in the initial public offering (IPO).
“We welcome a strong interest in our company and we are confident despite challenging market conditions,” Porsche finance chief Lutz Meschke told Italian daily Il Sole 24 Ore, according to Reuters.
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“We want to be ready for the IPO at the end of September, early October,” Meschke reportedly added. “The earlier the better.”
According to the news agency, Porsche had just published a so called intention to float for a share sale to be launched late in September or in early October, and completed by the end of 2022, but added the listing and timing were “subject to further capital market developments”.
Shares worth about 12.5% of Porsche’s total capital would be listed, Reuters reported.
Investors reportedly have estimated the automaker’s total value could be up to EUR85 billion.
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