German sports car manufacturer Porsche plans to go public in 10 days, with parent company Volkswagen aiming for a valuation of about €70 billion to €75 billion.
Porsche aims to offer part of its preferential shares for free trading on the Frankfurt Stock Exchange on 29 September. A decision to that effect was taken on Sunday evening by the boards of directors and supervisors of the Volkswagen Group, the world's second largest manufacturer.
The IPO, to which Volkswagen had already given the green light in early September, had previously been mentioned for late September or early October, but no exact date had been set.
The price range will be between €76.5 and €82.5, and the objective is to issue up to 113,875,000 shares.
In total, there will be 911 million Porsche shares in the new share structure. This is a nod to the manufacturer's best-known model, the Porsche 911, observers say.