By Claudia Assis
Volkswagen AG said late Wednesday that it priced Porsche AG’s initial public offering at the top of its range, setting the sports-car maker’s IPO on a course to be among the largest ever in Europe.
VW /zigman2/quotes/206919008/delayed XE:VOW -1.28% priced the IPO at EUR82.50 a share, or about $80, valuing Porsche /zigman2/quotes/239252399/delayed DE:P911 -4.11% at more than $70 billion. In a nod to Porsche’s iconic 911 two-door car, first introduced in the mid-1960s, 911 million shares were made available.
Porsche shares are expected to trade on the Frankfurt Stock Exchange on Thursday.
VW is planning to distribute 49% of the proceeds in a special dividend, and set a December meeting to put the proposal to a shareholder vote.