Germany-based automaker Volkswagen AG (VWAGY) seeks to raise nearly $9.41 billion from the initial public offering (IPO) of Porsche AG. The automaker has set the price range for Porsche’s preferred shares between €76.50 and €82.50, valuing the iconic sports carmaker at about $78 billion. Notably, Volkswagen is offering just 25% of Porsche’s preferred stock to investors in the IPO. Shares of Porsche AG are all geared up to begin trading on the Frankfurt Stock Exchange beginning September 29. Why Have VWAGY Shares Dropped? As a result of the Russia-Ukraine situation driving up energy prices, Volkswagen stock has fallen by around 29.3% so far this year.
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