According to the sales materials of Porsche at the time of issuance, the subscription price of 82.50 euros per share is the upper limit of its issuance price guidance range. Porsche will raise about 9.4 billion euros by issuing 1. 1.39 billion shares, including the so-called option to increase sales. This means that the market value of Porsche will reach 75 billion euros (about 524.2 billion yuan).
To pay tribute to Porsche's classic 9 1 1 sports car model, Volkswagen created 9 1 1 billion shares of Porsche, including 455.5 million preferred shares and 455.5 million common shares. The company will sell 25% of Porsche preferred shares in the IPO at the price of 82.5 euros per share, which is equivalent to about 65,438+02.5% of the company's total shares.
The listing of Porsche will raise 9.4 billion euros, making it the third largest IPO since the listing of 20 10 General Motors. In the whole automobile field, Porsche's market value will rank behind Tesla (901800 million US dollars), Toyota (223.3 billion US dollars) and BYD (about 97.2 billion US dollars), becoming the fourth largest listed automobile company by market value.
Ranking of financing amount of automobile industry (20 10 to present)
In addition to Volkswagen and Porsche family, Norwegian sovereign wealth funds such as NBIM, QIA, T.RowePrice and ADQ will participate in Porsche IPO.
According to Porsche's previous prospectus, the company delivered 300,000 new cars worldwide in 20021year (about 3.3% of the Volkswagen Group). The revenue reached 3.3/kloc-0.0 billion euros, and the profit reached 5.3 billion euros (about 27% of Volkswagen Group).
Although it has a strong ability to make money, Porsche is also facing the pressure of transformation. The company originally planned to invest 654.38+0.5 billion euros for electrification and digital transformation. In the first half of 2022, the net cash flow of the company's automobile business was 2.39 billion euros, which is still tight.
In addition, Porsche's success is inseparable from China, and China has been the largest single market for Porsche in the world for seven consecutive years. In 20021year, the global delivery volume of Porsche was about 300,000 vehicles, of which the sales volume in China market was close to 96,000 vehicles, accounting for 3 1.69%, which was equivalent to one car sold in China for every three vehicles.
In the first half of this year, Porsche China delivered 465,438+million new cars, down 16% year-on-year, and globally delivered145,900 new cars, down 5% year-on-year.
Go public for better transformation
Volkswagen has said that the company will use nearly half of the IPO proceeds to pay a one-time special dividend, while the remaining funds will be used for electric vehicle transformation and software investment.
OliverBlume, CEO of Volkswagen Group and CEO of Porsche, believes that this IPO will open a new chapter for Porsche and have greater independence. Antlitz, CFO of the Group, believes that Porsche IPO will provide funds for the electrification transformation of the Group and bring obvious impetus.
After taking over as CEO of Volkswagen Group in September this year, Obomu also undertook the task of group transformation. According to the "2030 New Car" strategy, Porsche plans to invest 654.38+05 billion euros in electrification and digital transformation. It is estimated that by 2025, the sales of pure electric and plug-in models will account for half of the total sales; By 2030, the proportion of pure electric vehicles is planned to reach more than 80% to achieve carbon neutrality. On the supply side, Cellfore, a newly established joint venture company of Porsche, is expected to realize mass production of batteries in 2024 and establish its own charging infrastructure with partners.
Rebuild the complex relationship with the public
Porsche was founded in 193 1 year, with a history of 9 1 year, and has a complicated equity relationship with Volkswagen Group, which is also the focus of this IPO.
In 2005, Porsche had secretly bought a 0/9% stake in Volkswagen/KLOC, and by 2006, it had reached 27.3%, and Porsche had become the largest shareholder of Volkswagen at that time. Then in the global financial crisis, Porsche was "anti-takeover" and the brand was classified as Volkswagen Group.
Although Porsche has become a sub-brand of Volkswagen, the shareholders of the two companies overlap and cross-hold. According to the IPO framework agreement, Porsche Holding Company (SE), which owns 365,438+0.4% shares of Volkswagen and 53.3% voting rights, will purchase 25% shares of Porsche (AG) plus one common stock, which is 7.5% higher than the allotment price of preferred shares. The Porsche family and the Piech family, which control the Volkswagen Group, will be granted minority shareholders with veto power by Porsche.
Want to know more financial news in real time, please pay attention to us.