Volkswagen on Monday announced its intention to float sports car brand Porsche for an initial public offering in late September or early October.
This expected IPO in the Frankfurt Stock Exchange is defying volatility in markets and can become one of the world’s largest listings.
The German carmaker published a so-called intention to float for an initial public offering to be completed by the end of the year. The listing and timing were “subject to further capital market developments.”
Investors expect a valuation between $60 billion to $85 billion.
According to Refinitiv the IPO could be among the largest in German history and the biggest in Europe since 1999.
On Tuesday, Porsche’s Chief Financial Officer Lutz Meschke said the IPO will only backtrack in the event of severe geopolitical problems.
“You never know what will happen regarding geopolitical issues, but if a potential IPO would be stopped now, we are talking about severe problems,” Meschke told reporters.
The offering would inject fresh cash into VW that executives say will help the company’s transition to electric vehicles and self-driving cars.