© Reuters. FILE PHOTO: Attendees look at the 2022 Porsche 718 Cayman GT4 RS during the 2021 LA Auto Show in Los Angeles, California, U.S. November 17, 2021. REUTERS/Ringo Chiu
By Jan Schwartz and Emma-Victoria Farr
HAMBURG/FRANKFURT (Reuters) -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 (OTC:) today resolved, with the consent of the Supervisory Board, to pursue an initial public offering,” Volkswagen (ETR:) said.
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