Porsche IPO in 2022: Announces Volkswagen Group

Porsche will go public before 2022 is over, the parent company of the sports car manufacturer's Volkswagen Group said on Monday. In order to raise money for investments in the crucial fields of electric vehicles, self-driving technology, and software development, the VW Group first disclosed in February that it was considering spinning off Porsche. Since that time, a lot has changed. There is the continuous conflict in Ukraine, political unrest throughout the world, soaring inflation, rising interest rates, a problem with the energy supply, and volatile stock markets. Despite these difficulties, VW Group declared that it hopes to finish the Porsche IPO by late September or early October, with a listing scheduled for the Frankfurt Stock Exchange. The largest shareholder in VW Group and holding company Porsche SE, which is mainly controlled by the Porsche and Piech families, intends to purchase 25% plus one share of the common stock. This will give Porsche SE a blocking minority and give it the ability to influence any important decisions. Qatar, another significant VW Group stakeholder, is anticipated to acquire a sizable portion of Porsche's common shares. Porsche is anticipated to be valued at between 60 billion and 85 billion euros (about $60 billion to $85 billion) in the IPO. If the float is successful, VW Group might then list PowerCo, a newly founded battery company, on the stock market. The battery company has been set up to make a listing possible either next year or in 2024, according to Arno Antlitz, chief financial officer of the VW Group, who was speaking at an investor presentation in July. PowerCo, which is in charge of the global battery operations for the VW Group, has revealed plans for six battery installations in Europe and is also thinking about creating facilities in North America.