Porsche preparing for IPO in 2022 to finance electromobility
VW subsidiary Porsche is preparing to go public. Porsche intends to use the proceeds to finance the area of electromobility in the future. Digitization should also benefit from the step.
It was checked for months, and now the Volkswagen supervisory board has said “yes”: Porsche will go public later this year. With this step, the carmaker wants to expand the field of electromobility and the digitization of the group.
Porsche plans to go public by the end of the month
Porsche’s IPO is planned for late September or early October 2022. Then a part of the papers of VW’s sports car subsidiary should be traded on the financial market. The group is also aiming for a listing in Frankfurt.
The new issue could be implemented by the end of the year. That depends on the corresponding capital market conditions. In preparation for the IPO, the share capital of Porsche AG was divided into 50 percent preference shares and 50 percent ordinary shares. With the IPO, up to 25 percent of Porsche AG’s preferred shares are to go on the market.
In addition, the Porsche parent company Porsche SE (PSE) will receive a blocking minority of 25 percent plus one share of the stock.
Porsche wants to finance electromobility with its IPO
Already since February VW and PSE had examined the IPO. Above all, Europe’s largest car group is hoping for an increase in value through this step. With the additional income, Porsche intends to focus, among other things, on the expansion of innovative technologies for battery-powered electric vehicles.
In 2030, more than 80 percent of newly delivered vehicles should be fully electric. As part of its strategy, Porsche is also working towards a balance sheet CO2-neutral value chain in 2030 and a balance sheet CO2-neutral usage phase for future BEV models.
The group also intends to use newly acquired funds in the area of digitization.
In the past, several times about one possible Porsche IPO spoken. Former VW CEO Herbert Diess initiated the process last winter. The current CEO of Porsche, Oliver Blume, is now to implement the project. He is supported by VW CFO Arno Antlitz.
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