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Porsche goes public.

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Volkswagen plans to spin off the sports car brand with an IPO expected to be valued in the $70 billion to $75 billion range.

The valuation would make it about twice as expensive as Ferrari, which was turned into an independent company by Fiat in 2015.

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Volkswagen CEO Oliver Blume will lead the new company, officially named Dr. Ing. hc F. Porsche AG.

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Volkswagen will offer preferred shares to the public in Germany, Austria, France, Italy, Spain and Switzerland.

“Porsche is committed to achieving its full potential by leveraging its strengths, including: i) its iconic brand and racing heritage, ii) a structured environment for growth, iii) superior customer experience, iv) innovative battery electric vehicle (“BEV”) technology. ). , v) a commitment to sustainable luxury, vi) a people-centric work culture, and vii) strong financial performance,” the IPO announcement reads.

Porsche 911 at the quail

Trading is expected to begin on September 29 and will be split between non-voting preferred and voting common shares, which add up to a significant number for the automaker.

Wall Street Magazine announces that 911 million shares will be issued in honor of Porsche’s most iconic model, the 911 sports car.

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Porsche 911

The 911 line has been produced since 1964, but today it is the third best-selling Porsche model in the world after the Cayenne and Macan SUVs.

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Porsche built its one millionth 911 in 2017 and delivered 26,616 cars worldwide in the first six months of 2022, putting it just ahead four-door electric Taycan18,877 sales.