Porsche IPO to proceed despite weakening market
Although the Volkswagen Group said the stock offering is subject to the aforementioned market conditions, Porsche chief financial officer Lutz Meschke said that “if a potential IPO would be stopped now, we're talking about severe problems” of such gravity that “by then a potential IPO wouldn't be a real issue”.
The money generated from the stock offering will give Porsche greater flexibility to invest in new technologies, according to Volkswagen Group chief financial officer Arno Antlitz. Autocar previously reported that Porsche is currently developing more advanced battery technologies for Blume said in a statement that the IPO will “open up a new chapter” for Porsche and “strengthen [its] ability to further execute [its] strategy”.
Porsche shares will initially be offered to various banks and brokers in Austria, France, Germany, Italy, Spain and Switzerland.Group has split the shares into two categories: 50% preference shares – which give holders priority over receiving dividends – and half ordinary shares, which allow voting rights for issues such as company strategy but tend to be of a lower priority when dividends are distributed.
The Porsche and Piëch families were also approved for 25% plus one of the ordinary shares through Porsche Automobil Holding SE, the majority shareholder of the , at the IPO price plus 7.5%. This gives the families veto powers for Porsche’s major strategic decisions. The Qatar Investment Authority – which owns 10.5% of the Volkswagen Group – has also signalled that it intends to purchase a 4.99% stake in Porsche AG through the IPO.will hold an extraordinary general meeting to propose paying shareholders a 49% dividend on the total gross proceeds of the IPO.
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