© Reuters. FILE PHOTO: The logo of German carmaker Porsche AG is seen before the company’s annual news conference in Stuttgart, Germany, March 17, 2017. REUTERS/Lukas Barth
By Jan Schwartz, Emma-Victoria Farr and Lucy Raitano
HAMBURG/FRANKFURT/LONDON (Reuters) – Volkswagen (ETR:)’s supervisory board is due to meet on Sunday to move forward with the IPO of its Porsche brand, which will comprise 911 million shares in a nod to its most famous model, two sources close to matter said.
Details on the price range, valuation and confirmed cornerstone investors are likely to be announced after the meeting, a third source said.
The 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares, according to the website for the share placement. Only the preferred shares will be listed.
Porsche SE, Volkswagen’s top shareholder, has already committed to buying 25% plus one of the ordinary shares at a 7.5% premium to the preferred shares.
Investor roadshows are due to complete this Friday, several sources said, allowing time for senior executives to hold discussions over the weekend before opening the book building process early next week.
A stock exchange prospectus is expected to be published on Monday, the sources said, after which institutional and private investors can subscribe to Porsche shares.
Volkswagen and Porsche declined to comment.
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