Porsche set to raise $9.4 billion in its public stock debut | Autoblog

Porsche had initially been targeting a valuation of up to $85 billion, but has since lowered its targeted valuation range to between $70.1 billion to $75.1 billion.

Porsche's public debut will help break an ongoing drought in the IPO market, which has been devastated by a rolling bear market in stocks amid concerns of high inflation, soaring energy prices, and a potential economic recession. The US IPO market has suffered one of its longest stretches of minimal debuts since the unraveling of the dot-com bubble about 20 years ago. But it's the same story globally. According to data from Bloomberg, the global IPO market has raised just $80.5 billion, spread out over 1,617 deals so far in 2022.

That's in stark comparison to 2021's global IPO market, which raised more than $700 billion across more than 4,000 deals. Despite the overhang in capital markets, Porsche's confidence to go public is bolstered by a commitment from several investors to buy a large tranche of shares. A combination of the Qatar Investment Authority, T. Rowe Price, and Norway's sovereign wealth fund will purchase nearly 40% of the share offering.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Breakingviews - ByteDance pays to kick IPO can down the roadByteDance is dancing to a different tune to keep stakeholders happy. TikTok's Chinese parent is spending up to $3 billion to buy back shares at a price that values the company at around $300 billion. It's extending an employee stock incentive programme for another 10 years and expanding the share pool. Given its initial public offering looks stalled, both moves will help keep investors and employees onside. Never trust or invest in the CCP in China and their corporations or debt.
Source: Breakingviews - 🏆 470. / 51 Read more »