Porsche successfully starts trading on Frankfurt Stock Exchange

On 29 September 2022, Dr. Ing. H.c. F. Porsche AG (Porsche), a successful sports car manufacturer, successfully commenced trading on the Frankfurt Stock Exchange with a total market capitalization of approximately EUR 78 billion. The offering priced at EUR 82.50 per preferred share offered, resulting in offering proceeds for Volkswagen of approximately EUR 9.4 billion.

This IPO, one of Europe’s largest by market capitalisation, was structured as an international offering across six European jurisdictions in parallel, with public offerings to retail investors in each of Germany, Austria, France, Italy, Spain and Switzerland as well as through private placements in certain other jurisdictions in accordance with applicable regulations.

BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan acted as Joint Global Coordinators and Joint Bookrunners for the IPO. BNP Paribas, Deutsche Bank, Morgan Stanley, Santander, Barclays, Société Générale and UniCredit were mandated as Joint Bookrunners. Commerzbank, Crédit Agricole, LBBW and Mizuho were appointed as Co-lead Managers and Mediobanca acted as financial advisor to Porsche.

Niederer Kraft Frey acted as Swiss counsel to Porsche. The NKF team was led by partners Andrea Giger and Till Spillmann working with partner Philip Spoerlé, senior associate Deirdre Ni Annrachain, associate Benedikt Hadorn (all Corporate/Capital Markets) as well as partner Markus Kronauer (Tax).