Porsche AG shares are poised to price at the top end of the previously announced range, potentially valuing the sports car brand at up to 75 billion euros ($72 billion) in one of Europe's biggest ever listings.
Several bookrunners involved in the deal said Porsche's books were covered multiple times ahead of the company's market debut on Sept. 29., Europe's largest carmaker and Porsche's owner, said earlier this month it would price preferred shares at 76.50-82.50 euros, giving a valuation of up to 75 billion euros.
The strong demand comes despite the fact that valuations of other luxury carmakers, such as Aston Martin and Ferrari, have fallen recently. The bumper flotation, generating between 18.1 billion and 19.5 billion euros, comes at a time when instability in European markets has meant almost no other share sales have taken place.
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