Volkswagen AG’s luxury brand has secured pre-orders that exceed the shares on offer at a valuation between 60 billion and 85 billion euros , said the people, who asked not to be identified because discussions are private. Porsche plans to announce its intention to float in Frankfurt in the first week of September after supervisory board sign-off, barring unexpected market shocks, they said.
VW’s preference shares jumped as much as 4.4% in Frankfurt trading Friday, the biggest intraday gain in more than a month. They were up 1% at 4:45 p.m. German time, giving the company a market value of about 84.7 billion euros. The high demand in the so-called shadow order book — which is built up ahead of the formal bids collected during the IPO roadshow — is a good sign for the listing that market observers hope will re-open Europe’s dormant IPO market.
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