The prospect of a larger than customary discount would be a setback to the controlling families
pushing the initial public offering to fund a costly makeover from petrol- to electric-driven sports cars.
Porsche may have to settle for as little as 60 billion euros, one of the people said, noting that the owners would not accept anything less. This week, Porsche’s top management outlined their business plans to investors. Chief Finance Officer Lutz Meschke told journalists the carmaker was “financially resilient” and “well-prepared for further steps”.
A top-20 Volkswagen shareholder told Reuters it was not keen on the IPO because only a small amount of stock will be sold, giving new shareholders little influence. Business was robust during the pandemic, Blume said. “There is big need in the capital markets and a lot of money to invest.” Porsche wants 80% of its car sales to be electric by 2030, roughly quadrupling the current level, while Volkswagen has also embarked on an ambitious shift towards electric vehicles, batteries and software. The listing is designed to fund that overhaul.A listing would also shift the balance of power at Europe’s top carmaker, Volkswagen, which controls Porsche since a botched takeover attempt of VW more than a decade ago.
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