Salem Radio Network News Saturday, September 24, 2022

Business

Demand for Porsche AG listing exceeds deal size – bookrunner

BERLIN (Reuters) -The books for Volkswagen’s hotly anticipated initial public offering of Porsche AG are covered multiple times on the full size of the deal, a bookrunner involved in the listing said on Tuesday.

Indicated demand for the listing, due to take place on September 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said.

The subscription period for private and institutional investors kicked off on Tuesday and will run until Sept. 28, with shares offered to private investors in Germany, Austria, Switzerland, France, Italy and Spain.

Cornerstone investors have already laid claim to 40% of the shares on offer, including Qatar Investment Authority, which is buying 4.99% of the offering; Abu Dhabi’s ADQ, which is investing 350 million euros; and T. Rowe Price and Norway’s sovereign wealth fund, investing 750 million euros each.

Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

(Reporting by Matt Scuffham, Writing by Victoria Waldersee, Editing by Miranda Murray and Madeline Chambers)

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