Porsche CEO Oliver Blume told Frankfurter Allgemeine Zeitung (FAZ) on Friday (June 24)
the German automotive company is still planning to go ahead with its initial public offering (IPO) despite the challenging economic conditions and uncertainties over the conflict in Ukraine. “In the past, we were robust and financially strong in every crisis,” Blume was quoted as saying.
In February, Porsche and its parent company Volkswagen announced they are discussing the possibility of Porsche going public. The Porsche listing is poised to be one of Germany’s biggest-ever IPOs and could value the business at as much as 90 billion euros ($95 billion) according to Bloomberg.
BNP Paribas, Deutsche Bank, Morgan Stanley and Unicredit have been added to the Wall Street quartet picked in March to spearhead the sports car-maker’s Frankfurt listing, Sky News reported.
The IPO would come amid deal-making collapsing worldwide due to tightening monetary environment, economic uncertainty and the war in Ukraine.
When the stock does IPO, Volkswagen has announced Porsche AG will be split into two halves, comprising ordinary shares and preference shares.
The ordinary shares will not be listed, instead remaining with Volkswagen. Porsche AG’s financial statements will remain inside Volkswagen’s results, Volkswagen will retain a controlling share, and the companies will continue to benefit from ‘industrial cooperation.’
Porsche was more profitable than ever in the first quarter of 2022.