Porsche Automobil Holding SE ADR (POAHY)

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Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation
German car giant Volkswagen priced the public offering of preferred stock in its luxury brand Porsche between €76.50 and €82.50 which was largely in line with investor expectations. Shares in Porsche AG POAHY are set to begin trading Sept. 29. It will be one of the largest recent European public listings in years, raising up to $9.4 billion and valuing the iconic carmaker as high as $78 billion. The deal will put Porsche shares in public hands for the first time since 2012 when VW bought the carmaker after Porsche’s failed attempt to use its higher market valuation to acquire VW.