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Porsche wants to be ready for IPO as early as possible, exec tells Il Sole 24 Ore

·1-min read
FILE PHOTO: Employees of German car manufacturer Porsche install the windshield of a Porsche 911 at the Porsche factory in Stuttgart-Zuffenhausen

MILAN (Reuters) - Porsche AG wants to be ready for a planned stock market listing as early as possible, an executive at the luxury sportscar unit of Volkswagen was quoted as saying on Saturday, as investors showed huge interest in the initial public offering (IPO).

"We welcome a strong interest in our company and we are confident despite challenging market conditions", Porsche finance chief Lutz Meschke told Italian daily Il Sole 24 Ore.

"We want to be ready for the IPO at the end of September, early October," Meschke added. "The earlier the better."

Porsche published a so-called intention to float on Monday for a share sale to be launched in late September or early October and completed by year end, but added the listing and timing were "subject to further capital market developments".

In total, shares amounting to about 12.5% of Porsche's total capital will be listed. Investors estimate Porsche's total value could be up to 85 billion euros.

(Reporting by Elvira Pollina and Victoria Waldersee; Editing by David Holmes)