Porsche AG is now listed in the Frankfurt Stock Exchange and Porsche said it is Europe's largest IPO by market capitalization

29 September 2022. Porsche AG is now listed in the Prime Standard of the Frankfurt Stock Exchange. The first price of the share was €84.00. Porsche said the IPO was one of the largest deals in Europe to date.

Posté le vendredi, septembre 30 2022
Porsche AG is now listed in the Frankfurt Stock Exchange and Porsche said it is Europe's largest IPO by market capitalization

29 September 2022. Porsche AG (ISIN: DE000PAG9113) is listed in the Prime Standard of the Frankfurt Stock Exchange. The first price of the share was €84.00. Porsche said the IPO was the largest one of the largest M&A deals in Europe to date.

The IPO was supported by BofA Securities, Citigroup, Goldman Sachs, J.P. Morgan (Joint Global Coordinators), BNP PARIBAS, Deutsche Bank, Morgan Stanley (Senior Joint Bookrunners), Santander, Barclays, Société Générale, UniCredit Bank AG (Joint Bookrunners), COMMERZBANK, Crédit Agricole CIB, LBBW and Mizuho (Co-Lead Managers). Goldman Sachs is mandated as Designated Sponsor in Xetra trading. Execution is carried out by Baader Bank AG, which also acts as a specialist on the Frankfurt Stock Exchange.

An array of top firms have advised on Porsche’s initial public offering. Freshfields advised Porsche, Linklaters advised its parent company Volkswagen and Clifford Chance advised the 15 banks on the deal.

Sullivan & Cromwell (Frankfurt) advised Porsche SE - the controlling shareholder of Volkswagen - on its €10.1bn investment in listed company Porsche AG. Gleiss Lutz (Stuttgart) advised Volkswagen’s supervisory board, while White & Case (Frankfurt) advised Qatar Holding as cornerstone investor on the initial public offering.

In 2021, the company delivered more than 300,000 vehicles of the 911, 718 Boxster, 718 Cayman, Cayenne, Macan, Panamera and Taycan models to customers worldwide. In the process, Porsche achieved an operating profit of 5.3 billion euros. Porsche has plants in Stuttgart and Leipzig and operates a development centre in Weissach. The company employs around 37,000 people.

Oliver Blume, chairman of Porsche’s executive board, said: “With the completion of the IPO, we are beginning a new chapter in the unique history of our company.”

He added: “We aim to redefine the concept of modern luxury by combining luxury with sustainability and social commitment.”

The car maker also said the IPO opens up greater entrepreneurial freedom for Porsche as it seeks to ensure more than 80% of new vehicles delivered by 2030 are battery-electric vehicles.

The German automotive icon has now the opportunity to position itself further worldwide. An important signal for Germany as an automaker and automotive supplier in the face of a looming recession.