© Reuters. Oliver Blume, CEO of German car manufacturer Porsche, delivers his opening speech during Porsche’s IPO in Frankfurt, Germany, September 29, 2022. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) – Shares in sports car maker Porsche AG, maker of the iconic 911 model, started trading in Frankfurt on Thursday in what marks Germany’s second-biggest ever listing.

Here are key facts about the structure of the listing:


– Porsche’s share capital was split in two, with 455.5 million ordinary shares and the same number of preferred shares, totalling 911 million shares overall, a play on the company’s most famous model.

– Ordinary shares carry voting rights, which matter when it comes to the question of who controls the company.

– Preferred shares don’t carry voting rights, but their holders will receive an additional dividend of 0.01 euros apiece on top of every dividend the company pays out on ordinary shares.


– As part of the deal, Volkswagen (ETR:) sold 25% plus one ordinary share in Porsche AG to Porsche SE, the holding firm controlled by the Piech and Porsche families, effectively giving them a blocking minority in the namesake brand.

– Volkswagen also sold 25% of preferred shares on the market. Qatar, Volkswagen’s third-largest shareholder, committed to buy 4.99%, leaving another 20.01%, or 10% of Porsche’s total capital, to other investors.

– The sovereign wealth funds of Norway and Abu Dhabi and mutual fund company T. Rowe Price also committed to buying 1.8 billion euros worth of preferred shares between them.

– Porsche SE, already Volkswagen’s largest shareholder and holder of the majority of voting rights in Europe’s top carmaker, bought its stake at a 7.5% premium to the 82.50 placement price of the preferred shares.


– Volkswagen’s proceeds from the sale of ordinary and preferred shares are 19.5 billion euros ($18.8 billion).

– Volkswagen will call an extraordinary shareholder meeting in December where it will propose to pay 49% of total proceeds, or 9.6 billion euros, to its shareholders in early 2023 as a special dividend.


– Volkswagen AG (OTC:) and Porsche SE jointly own all of Porsche AG’s ordinary shares in a 75% minus one share-25% plus one share split.

– Overall, 75% minus one ordinary share of Porsche AG’s total share capital is owned by Volkswagen AG after the IPO.

– Porsche SE now owns 12.5% plus one ordinary share of Porsche AG’s total capital while Qatar owns 2.5%.

– The remaining 10% is free-float.

($1 = 1.0356 euros)

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