Why Porsche's IPO Changes Little About the Company
Luxury automaker Porsche's planned initial public offering (IPO) arrives as parent company Volkswagen (OTC: VWAGY) is trying to fund a 73-billion euro ($73.3 billion) transformation into electric and hybrid powertrains as it plans to overtake the current market leader in EV sales, Tesla (NASDAQ: TSLA), by 2026.
VW intends to launch a Porsche IPO by the beginning of October, subject to developments in the capital markets, according to a statement by the company.
VW is selling 25% of the sports car brand. Half of the shares would not be eligible to vote. The remaining shares will be sold to members of the Porsche family, whose company, Porsche Automobil Holding (OTC: POAHY), has 53% of the voting power at VW.
Source Fool.com
