Porsche AG raised €8.2 billion ($7.9 billion) by offering 99 million shares (100% secondary) at €82.50, the high end of the range of €76.50 to €82.50. Cornerstone investors indicated on 45% of the deal.
Being spun out of Volkswagen, the German luxury car manufacturer represents Europe's largest IPO in over 10 years.
The Stuttgart, Germany-based company plans to list on the Frankfurt Stock Exchange under the symbol P911. BofA Securities, Citi, Goldman Sachs, J.P. Morgan, Deutsche Bank, BNP Paribas, and Morgan Stanley acted as lead bookrunners on the deal. Porsche AG is expected to begin trading on September 29, 2022.
(Exchange rate of $1 USD = €1.04 as of 9/28/2022).
