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Porsche IPO moves ahead as parent VW looks to defy market gloom - BNN Bloomberg

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Volkswagen AG is pushing ahead with its plan to list a minority stake in the Porsche sports-car maker despite gyrating markets, paving the way for what could be one of Europe’s biggest initial public offerings.

The manufacturer is planning the initial public offering as early as this month, unless markets worsen significantly, VW said late Monday, targeting to finalize the listing by the end of the year. The move will direct funds to Europe’s biggest carmaker to foot the staggering cost of electrification and software development and return greater influence to the billionaire Porsche-Piech clan over the luxury automaker.

The listed Porsche will have a dual share structure similar to Volkswagen with voting and non-voting shares. Porsche’s planned small free float and limited managerial independence -- Blume will carry on as head of Porsche and VW -- has triggered governance concerns similar to criticism leveled at VW’s convoluted structure.

Volkswagen’s preferred shares rose as much as 3.9 per cent in Frankfurt trading. The company on Tuesday also filed its official intention to float on the Frankfurt stock exchange. At 85 billion euros, Porsche’s valuation would exceed Ferrari NV’s market capitalization more than twice over, but the Italian carmaker with industry-leading margins only makes a fraction of the more than 300,000 cars Porsche produces every year. Still, if achieved, Porsche would be roughly on par with its parent’s market value, even as VW makes more than 10 million vehicles in a typical year. Big-name investors including T Rowe Price Group Inc.

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