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Porsche has gained investor interest in its initial public offering at a valuation of up to $85 billion, Bloomberg reported Friday.
According to Bloomberg sources, the news signals one of Europe’s largest ever listings is set to go ahead despite market uncertainty.
The German luxury automobile brand, owned by Volkswagen AG (ETR:VOWG_p), is said to have gained pre-orders that surpass the shares on offer at a valuation between EUR60 billion and EUR85 billion ($85 billion), with Porsche potentially announcing its intention to float in Frankfurt in the first week of September.
The investors reportedly indicating an interest in subscribing to the IPO at that value include T. Rowe Price Group, Inc. (NASDAQ:TROW) and Qatar Investment Authority. In addition, Bloomberg’s sources said Porsche has been assessing interest from Red Bull, Dietrich Mateschitz, and LVMH (EPA:LVMH) Chairman Bernard Arnault.
Volkswagen’s (OTC:VLKAF) US-listed OTC shares are up 2.5% at the time of writing.
