VW seeks $75 bln valuation in Porsche IPO

STORY: Volkswagen is seeking a valuation of up to around $75 billion for Porsche.

That would make it Germany’s second-largest IPO in history.

The shares will begin trading in Frankfurt on September 29.

There will be 911 million in all - a nod to the luxury brand’s famous sportscar.

Cornerstone investors include the sovereign wealth funds of Qatar, Abu Dhabi and Norway.

Porsche SE - the holding firm controlled by the Porsche and Piech families - will retain a big stake.

Analysts say the share offering looks poised for success, with investors queueing up to buy in.

In all, Volkswagen expects proceeds of up to $19.5 billion.

About half of that will be paid to shareholders as a special dividend.

Volkswagen shares were up around half a percent in early trades on Monday (September 19).