Porsche IPO to issue 911 million shares in nod to its most famous car
brand, which will comprise 911 million shares in a nod to its most famous model, two sources close to matter said.
The 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares, according to the website for the share placement. Only the preferred shares will be listed. Investor roadshows are due to complete this Friday, several sources said, allowing time for senior executives to hold discussions over the weekend before opening the book building process early next week.
Porsche's valuation is likely to be between 70 billion and 80 billion euros , one of the sources said, playing down an analyst note from HSBC this week that valued theBut nothing is certain while the process is ongoing, that source added."It's at a point where it could go either way," the source said, noting the sharp reaction in markets this week to a slight deviation from expectations in U.S. inflation data.
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