Indicated demand for shares in Porsche AG exceeds full deal size – bookrunners

BERLIN (Reuters) – Orders below 82.50 euros ($79.69) per share for Porsche AG’s listing risk missing as books are covered at this level multiple times, according to several bookrunners involved in the deal.

Books will close at 1200 GMT on Sept. 28, the bookrunners said, correcting an earlier report by one bookrunner in which they said they would close on Sept 27.

Indicated demand exceeded the full deal size, the bookrunners said, with one describing demand as “incredibly robust.”

Volkswagen (ETR:) will list its sportscar brand Porsche AG on Thursday at the Frankfurt Stock Exchange in what could become one of the largest IPOs in European history.

Volkswagen said this month it would price preferred shares in the flotation of Porsche AG scheduled for this Thursday at 76.50 – 82.50 euros per share, translating into a valuation of 70-75 billion euros.

That would leave the luxury carmaker’s market capitalisation below some investors’ estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW and Mercedes-Benz’s 61 billion euros.

($1 = 1.0353 euros)

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