Volkswagen Group is taking its Porsche subsidiary public through an preliminary public providing, and on Sunday confirmed the supply interval will begin Sept. 20 and run till an anticipated cut-off date eight days later.

VW Group will worth the shares at a variety of 76.50 euros to 82.50 euros per share, which on the higher worth restrict will worth Porsche at 75 billion euros (roughly $75 billion). The shares will probably be listed on the Frankfurt Inventory Change.

The valuation, whereas small in comparison with Tesla, is greater than the market capitalization of fellow German automakers similar to BMW (49 billion euros) and Mercedes-Benz (61 billion euros), and comes shut VW Group’s personal market capitalization of 88 billion euros.

“We imagine Porsche AG, with its strong enterprise mannequin and compelling monetary efficiency, is able to launch its IPO,” Lutz Meschke, Porsche’s deputy chairman and head of finance and IT, mentioned in a press release.

Forward of the IPO, Porsche has been divided into 911 million shares, cut up evenly between most popular and atypical shares. The popular shares don’t have any voting rights however include increased dividends. As much as 113,875,000 most popular shares will probably be supplied to buyers within the IPO.

Porsche SE, the holding firm majority owned by the Porsche and Piëch households, and the largest shareholder in VW Group, plans to amass 25% plus one share of the atypical shares on the worth of the popular shares plus a 7.5% premium, a transfer that can present the holding firm with a blocking minority, and because of this sway in any key choices.

Sovereign wealth funds from Abu Dhabi, Norway, and Qatar, in addition to funding agency T. Rowe Value, will purchase most popular shares value as much as 3.68 billion euros in complete on the higher worth restrict, VW Group mentioned.

Ought to the IPO show profitable, VW Group might observe with an IPO of lately established battery firm PowerCo. Talking at an investor presentation in July, Arno Antlitz, VW Group’s chief monetary officer, mentioned the battery firm has been arrange in a method to make an inventory subsequent yr or in 2024 doable. PowerCo is accountable for VW Group’s international battery actions. The corporate has introduced plans for six battery crops in Europe and is contemplating establishing crops in North America as nicely.