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Volkswagen has lined up commitments from anchor investors as it pushes ahead with a listing of Porsche. Qatar Investment Authority has made a preliminary commitment to buy a 4.99% stake, in what is set to be one of Europe’s largest upcoming initial public offerings.
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The Volkswagen-owned luxury marque has already secured pre-orders that exceed the shares on offer at a valuation between €60 billion ($60 billion) and €85 billion. Dietrich Mateschitz, founder of energy drink maker Red Bull and LVMH Chairman Bernard Arnault are among those big names who have indicated an interest in subscribing alongside Norges Bank Investment Management which has also agreed to buy stock.
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IPO investors will be sold preferred shares in Porsche that don’t carry voting rights. The billionaire Porsche and Piech clan, which controls Volkswagen, is separately buying common stock that will give it a blocking minority stake in Porsche.