At the Porsche assembly plant in Stuttgart, Germany, on September 26, 2022 ( AFP / THOMAS KIENZLE ) German luxury carmaker Porsche got off to a flying start on the Frankfurt Stock Exchange on Thursday, posting an initial listing at the above the target, for one of the biggest stock market operations in Frankfurt despite a gloomy context. The action took off at 84 euros, above the IPO price set at 82.50 euros, during its first listing at 07:15 GMT, valuing the Porsche group at more than 76 billion euros. “A big dream is coming true for Porsche,” commented Oliver Blume, boss of Porsche and Volkswagen, parent company of the sports car group, in a press release. “Porsche, one of the most successful sports car manufacturers in the world, is entering a new era with increased entrepreneurial flexibility,” added the CEO. At the headquarters of Porsche in Stuttgart, Germany, on September 26, 2022 ( AFP / THOMAS KIENZLE ) Issuance volume makes it the second largest IPO in Germany after that of Deutsche Telekom in 1996 and the largest in Europe since 2011 with Swiss commodity giant Glencore. If Volkswagen has only placed 12.5% of the capital of its nugget on the stock market, the second largest automotive group in the world intends to draw billions of cash from it to inject into its costly transition to the electric and autonomous car. – Carrier luxury – Porsche displays on the starting line a higher capitalization than other German giants such as BMW (47 billion euros) and Mercedes-Benz (58 billion euros), which sell far more cars than the firm from Zuffenhausen, near Stuttgart (south). The operation is all the more exceptional since, in recent months, IPOs have been rare in Europe in an environment marked by inflation, rising interest rates and the war in Ukraine. Assembly of an electric Porsche Taycan in the group’s factory in Stuttgart, September 26, 2022 ( AFP / THOMAS KIENZLE ) The Dax index on the Frankfurt Stock Exchange has lost almost a quarter of its value since the start of the he year, the automobile sector, struggling in terms of sales, being particularly neglected. “It’s not the best time for an IPO,” said German automotive expert Ferdinand Dudenhoeffer, who nevertheless sees this operation as a test of “the international value given to German engineering”. Volkswagen has secured the support of key shareholders in Porsche, such as the public investment funds of Qatar and Abu Dhabi, the Norwegian sovereign wealth fund and the American asset manager T. Rowe Price. Together, they will hold nearly 3.6 billion euros in preferred shares, with Qatar accounting for the largest share. The company’s outlook has a lot to do with it: Porsche has raised its operating margin target to a range between 17 and 18% and turnover should grow by 11 to 14% compared to 2021. Porche is evolving within the a luxury car sector that should “grow 13% per year in the long term”, according to analysts at Berenberg. The multiple winner of the 24 Hours of Le Mans brand is converting its range to electric, with the sporty Taycan born in 2019 and of which nearly 20,000 copies have been sold from January to June, a new electric SUV Macan expected in 2024 and the launch of another mid-decade SUV. – Influence of the Porsche and Piëch clan – Porsche currently belongs 100% to the Volkswagen group, itself controlled by the Porsche SE holding company, treasure of the Porsche and Piëch families who will strengthen their base through this IPO. In the Porsche assembly plant in Stuttgart, September 26, 2022 (AFP / THOMAS KIENZLE) In addition to the so-called preferential shares – without voting rights – that investors have snapped up, Volkswagen sells 25% of the capital plus one share to Porsche SE, which will have a blocking minority at the sports car manufacturer. Volkswagen will collect a total windfall of around 19 billion euros, half of which will be used for investments in electricity with six battery cell factories planned in Europe and software for electric and autonomous vehicles. The Wolfsburg group, whose title has lost 23% since January, also hopes that the partial sale of Porsche will inflate its own stock market value by some 84 billion euros, a fraction of what its American rival Tesla weighs. , valued around $900 billion.
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