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A Porsche 911 Carrera 4S stands in the evening light in a drive-in cinema on the circuit of the Leipzig Porsche factory.
Jan Woitas | picture alliance via Getty Images
Volkswagen on Monday announced its intention to float sportscar brand Porsche, triggering what could become one of the world’s largest listings even as markets jitter over record inflation and a Russia-Europe energy standoff.
The carmaker published a so-called intention to float for an initial public offering in late September or early October to be completed by the end of the year.
The move was announced after VW’s supervisory board gave the go-ahead late on Monday.
Investors expect a valuation between 60-85 billion euros. At the high end of estimates, the IPO could be the largest in German history and the biggest in Europe since 1999, Refinitiv data showed.
“The Board of Management of Volkswagen AG today resolved, with the consent of the Supervisory Board, to pursue an initial public offering,” Volkswagen said.
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Image and article originally from www.cnbc.com. Read the original article here.