Volkswagen shares were up 1.3% when markets opened on Monday after the carmaker said on Sunday it was targeting a valuation of up to 75 billion euros ($74.84 billion) for luxury sportscar brand Porsche .
The issue could be Europe's third largest IPO on record if the upper price target is reached, according to Refinitiv data.
The carmaker plans on placing up to 12.5% of Porsche's share capital with investors in the form of preferred shares, which do not carry voting rights. Already, cornerstone investors have laid claim to almost 40% of the share capital on offer: Qatar Investment Authority, Volkswagen's third-largest shareholder, has committed to buying 4.99%, while Norway's sovereign wealth fund and T. Rowe PriceAbu Dhabi's ADQ will buy shares worth 300 million euros.
The subscription period for private and institutional investors is expected to run from Sept. 20 to Sept. 28, with shares offered to private investors in Germany, Austria, Switzerland, France, Italy and Spain.
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