Europe’s largest IPO by market cap: Clifford Chance advises an international banking syndicate on the c. EUR 9.4 billion initial public offering of Porsche AG

Luxurious automotive maker Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) available 113,875,000 favored shares, such as in excess of-allotments, all from the holdings of guardian, Volkswagen AG, in a blockbuster global preliminary public supplying.

The featuring priced on September 28, 2022 at EUR 82.50 for each share, ensuing in offering proceeds for Volkswagen AG of around EUR 9.4 billion and an estimated equity value for Porsche AG’s full share money of about EUR 78 billion. The favored shares started buying and selling on the Controlled Sector (Primary Common) of the Frankfurt Inventory Trade on September 29, 2022.

In link with the IPO, worldwide law company Clifford Chance advised BofA Securities, Citi, Goldman Sachs and J.P. Morgan as Joint International Coordinators, BNP PARIBAS, Deutsche Financial institution and Morgan Stanley as Senior Joint Bookrunners, Banco Santander, Barclays, Société Générale and UniCredit as Joint Bookrunners, COMMERZBANK, Crédit Agricole CIB, Mizuho and Landesbank Baden-Württemberg as Co-Lead Supervisors.

The landmark IPO featured an presenting throughout many jurisdictions, with a public giving in each of Germany, Austria, Switzerland, France, Italy and Spain, and an global offering to institutional traders in designated jurisdictions throughout the globe. Alongside getting a single of Germany’s greatest ever IPOs, the Porsche supplying marks the 1st time IPO shares had been publicly offered to retail investors across 6 European jurisdictions in parallel.

The cross-jurisdictional Clifford Chance staff was led by funds marketplaces partner Dr. George Hacket (Frankfurt). The core World-wide Economic Markets team comprised counsel Dr. Axel Wittmann (Munich/Frankfurt), senior associates Andrei Manea (Frankfurt) and Sarah Steece (London), associates Maks Mencin (Frankfurt) and Lucy Liu (Munich) and law clerk Brian Chen (London). Partner Dr. Markus Stephanblome (Frankfurt) encouraged on German corporate law issues and partner Dr. Thomas Voland (Düsseldorf) suggested on ESG issues.

In addition, International Money Markets colleagues all over our international network suggested on complex facets of the securities regulation and retail offering features in several European jurisdictions, and comprised partner Aline Cardin (Paris), counsel Stefano Parrocchetti (Milan), and partner Yolanda Azanza and associate Francisco Pizarro (both equally Madrid). Furthermore, partner Jack Hardman and associate Massimiliano Valli (both Dubai) recommended on and coordinated securities legislation tips in various jurisdictions in the center east. Assistance was also provided on tax matters by partner Avrohom Gelber and associate Wei Bin Tan (the two New York) as to US tax, and partner Olaf Mertgen and senior associate Dr. Nadine Schader (equally Frankfurt) as to German tax.