Volkswagen Prices Porsche IPO At EUR 82.50/shr, High End Of Expected Range
Volkswagen (VKW.L,VLKAF.PK,VOW.BE) set price for initial public offering of preferred shares in sports car brand Porsche AG at 82.50 euros per share, which is the high end of its previously estimated 76.50 euros to 82.50 euros per share range.
The purchase price per ordinary share in Porsche AG to be paid by Porsche SE under the share purchase agreement is 88.69 euros. The total price for 25% plus one share of ordinary shares in Porsche AG accordingly amounts to 10.1 billion euros.
Volkswagen said earlier this month that it would pursue an initial public offering of the preferred shares of Porsche and list them in Frankfurt at the end of September or beginning of October 2022.
In connection with the IPO, Porsche Automobil Holding SE or Porsche SE would acquire 25% plus one share in the ordinary share capital of Porsche AG from Volkswagen AG at the placement price of the preference shares plus a premium of 7.5%.
Volkswagen noted that it would convene an extraordinary general meeting in December 2022, at which it would propose to its shareholders to distribute in the beginning of 2023 a special dividend of 49% of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary share.
The special dividend is expected to be paid at the beginning of January 2023.
Volkswagen said Wednesday that the consummation of transfer of the first tranche of ordinary shares in Porsche AG to Porsche SE in the amount of 17.5% plus one ordinary share will take place after the delivery of the preferred shares in book-entry form and the payment of the purchase price for the ordinary shares. The delivery of the preferred shares in book-entry form is scheduled for 3 October 2022.
Porsche SE will pay the purchase price for the first tranche of ordinary shares to VW AG on 4 October 2022.
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