Buy Porsche IPO shares from India even if you can’t afford its cars priced above Rs 1 crore
Owning a Porsche car may not be possible for many Indians. The sports car comes with a price tag that may cost you almost a crore or even more! But, becoming a shareholder of the company may soon be possible. The mega Porsche IPO has hit the street with Volkswagen AG, its parent company, offering shares to investors through the initial public offering (IPO) route. Although the stock market is driving down prices, Porsche, the luxury sports car manufacturer, is not choosing to go for a pit stop. The parent firm Volkswagen is aiming to raise up to 9.4 billion euros ($9.2 billion) and values Porsche at up to 75 billion euros.
Listing Date and Price
114 million shares of Porsche AG will be listed in the IPO at a price between 76.50 and 82.50 euros each. After the order book closes on Wednesday, the company is anticipated to determine the final IPO offer price. And, the Porsche stock listing and trading is scheduled to begin on Thursday, September 29, 2022. One of Europe’s largest listings in recent years, the Porsche stock is to be listed on the Frankfurt Stock Exchange.
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Buying Porsche shares from India
Yes, even though the shares are being listed in Germany and not even in Nasdaq or NYSE stock exchanges, Indians will be able to buy the Porsche shares once listed on the exchange. “India INX through its subsidiary India INXGA is connected to 135 plus global exchanges including the Frankfurt exchange where Porsche is going to be listed. After listing, Porsche can be bought by Indian investors through India INXGA, the ticker code for which will be available subsequent to listing,” says Arun Ganesan, Managing Director & CEO, India INX GA.
India’s first international exchange, India INX, is located at GIFT City IFSC in Ahmedabad and was established by BSE to enable the purchase of foreign equities. India INX developed the India INX Global Access IFSC Limited – INX Global Access to offer a consolidated platform to route orders to numerous international exchanges.
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Meanwhile, Volkswagen AG is expected to call a special general meeting in December 2022 and recommend to its shareholders a special dividend of 49% of the aggregate gross proceeds from the placement of the preferred shares and the sale of the ordinary shares to be paid to shareholders at the beginning of 2023.
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