Volkswagen's Porsche AG Starts Trading at EUR84 a Share -- Update
September 29 2022 - 4:11AM
Dow Jones News
By Kim Richters
Volkswagen AG's sports-car maker Porsche AG started trading on
the stock market in Germany on Thursday with an initial price of 84
euros ($81.78) per preferred share.
Parent company Volkswagen created 911 million Porsche shares in
a reference to its iconic 911 sports car model, with the stock
divided in nonvoting preferred shares and ordinary shares with
voting rights. It is selling 25% of Porsche preferred shares, or
about 12.5% of the entire company in the IPO.
In addition, Volkswagen placed a bundle of ordinary shares with
voting rights with it's largest shareholder Porsche SE, which paid
a 7.5% premium for them.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
September 29, 2022 03:56 ET (07:56 GMT)
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