Cas - The IPO of PORSCHE AG - KEDGE Business School

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The IPO of PORSCHE AG

Référence :

KEDGE-FI-019(GB)

Langue

Type

Etude de cas

Catégorie

Finances

Collection

KEDGE Business School

Auteur(s)

DUCASSY Isabelle

Résumé

In February 2022, Volkswagen announced that it wanted to list its subsidiary Porsche AG on the stock exchange, with the IPO taking place in September 2022. Porsche and Volkswagen have historical and family ties. The Porsche family's holding company, Porsche SE, is a shareholder in Volkswagen, which in turn owns 100% of Porsche AG. The IPO took place in a sluggish IPO market, in an automotive sector that is also in turmoil.

Objectifs pédagogiques

- Study the mechanism of an IPO, with specificities
- Examine the influence of context in financial decisions and in particular in an IPO
- Work on the mechanism of evaluation by comparables
- Analyse the advantages and disadvantages of such an operation
- Be critical, comparing the announced objectives with reality

Mots-clés

IPO, shareholders, governance, family business, valuation, comparables, multiples, preferred shares

Public

The case is intended for students at Master's level, as part of a finance course (financial strategy, corporate finance, financing operations, financial engineering).
This case requires a bachelor's degree in financial analysis and corporate finance.