Porsche is about to go public in what's shaping up to be Europe's 3rd biggest IPO.
Volkswagen Group is taking its Porsche subsidiary public via an initial public offering, and on Sunday confirmed the offer period will start Sept. 20 and run until an expected closing date eight days later.
The valuation, while small compared to Tesla, is bigger than the market capitalization of fellow German automakers such as BMW and Mercedes-Benz , and comes close VW Group's own market capitalization of 88 billion euros. Ahead of the IPO, Porsche has been divided into 911 million shares, split evenly between preferred and ordinary shares. The preferred shares have no voting rights but come with higher dividends. Up to 113,875,000 preferred shares will be offered to investors in the IPO.
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