UK markets close in 21 minutes
  • FTSE 100

    7,003.22
    +18.63 (+0.27%)
     
  • FTSE 250

    17,213.73
    -90.38 (-0.52%)
     
  • AIM

    811.96
    -9.39 (-1.14%)
     
  • GBP/EUR

    1.1161
    -0.0015 (-0.13%)
     
  • GBP/USD

    1.0749
    +0.0018 (+0.17%)
     
  • BTC-GBP

    18,067.71
    -794.78 (-4.21%)
     
  • CMC Crypto 200

    443.02
    +14.24 (+3.32%)
     
  • S&P 500

    3,681.77
    +34.48 (+0.95%)
     
  • DOW

    29,409.19
    +274.20 (+0.94%)
     
  • CRUDE OIL

    80.96
    +2.46 (+3.13%)
     
  • GOLD FUTURES

    1,658.70
    +22.50 (+1.38%)
     
  • NIKKEI 225

    26,173.98
    -397.89 (-1.50%)
     
  • HANG SENG

    17,250.88
    -609.43 (-3.41%)
     
  • DAX

    12,169.75
    +30.07 (+0.25%)
     
  • CAC 40

    5,758.00
    +4.18 (+0.07%)
     

Demand for Porsche AG listing strong as retail investor subscription period begins

·1-min read
FILE PHOTO: A Porsche Taycan is displayed at a car show in Oslo, Norway

BERLIN (Reuters) -The books for Volkswagen's hotly anticipated initial public offering of Porsche AG are covered multiple times on the full size of the deal, a bookrunner involved in the listing said on Tuesday.

Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said.

The subscription period for private and institutional investors kicked off on Tuesday and will run until Sept. 28, with shares offered to private investors in Germany, Austria, Switzerland, France, Italy and Spain.

The price range was being well-received on the market with a good global breadth of demand in the United States, Europe and Asia, a source close to the IPO said. It was too early for visibility on retail demand, they added.

Cornerstone investors have already laid claim to 40% of the shares on offer, including Qatar Investment Authority, which is buying 4.99% of the offering; Abu Dhabi's ADQ, which is investing 350 million euros; and T. Rowe Price and Norway's sovereign wealth fund, investing 750 million euros each.

Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

(Reporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline Chambers)