Investors are rushing to snap up shares in Porsche with the German sports car maker on course to deliver one of Europe’s biggest initial public offerings this Wednesday.
Owner Volkswagen expects to raise €9.4bn with the sale of 12.5 per cent of the company’s non-voting shares to outside investors as Porsche is set to price at the top of its range of €76.50 to €82.50 a share.
This would value the Stuttgart-based group at €75.2bn, and make it Germany’s second largest listing after Deutsche Telekom’s $13bn IPO in 1996, at the time Europe’s largest ever.
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