Demand for Porsche IPO races past deal size

STORY: Demand for the hotly anticipated Porsche IPO has raced past the number of shares on offer.

A source close to the deal says the offering already looks hugely oversubscribed, with the books covered multiple times.

The listing is due to take place on September 29 in Frankfurt.

A subscription period for private and institutional investors kicked off on Tuesday (September 20), and will close the day before shares start trading.

Stocks have been offered to private investors in Germany, Austria, Switzerland, France, Italy and Spain.

A source said the price range for the shares had been well-received by the market, with strong demand seen globally.

Cornerstone investors, including Qatar’s sovereign wealth fund, have already laid claim to 40% of the deal.

The listing could value Porsche at around $75 billion.

Parent firm Volkswagen may use the proceeds to help fund its electrification drive.