German auto group Volkswagen announced today that it expects to raise between 8,710 and 9,390 million euros from the IPO of sports car maker Porsche AG on the Frankfurt stock exchange.

Volkswagen, after the Supervisory Board meeting on Sunday evening, also said that the initial price of Porsche's preferred share will be between 76.50 and 82.50 euros, an amount that values the company at between 70,000 and 75,000 million euros.

According to Lusa, the German carmaker will place up to 113,875,000 preferred shares with an option to buy an additional lot on the Frankfurt stock exchange, representing up to 25% of the capital in preferred shares.

Investors QIA (Qatar Investment Authority), the Norwegian sovereign wealth fund Norges Bank Investment Management, T. Rowe Price and ADQ will subscribe to preferred shares worth up to €3,680 million.

Subscription by private and institutional investors is expected to begin on September 20 and end on September 28.

The shares will start trading on the Frankfurt stock exchange on September 29 this year.

The Volkswagen group had announced in early September that it wanted to float Porsche AG on the Frankfurt stock exchange at the end of this month or early October and complete the transaction by the end of this year.

Volkswagen then said that the management and the Supervisory Board had given the 'green light' to Porsche's listing on the Frankfurt stock exchange in Germany.

Accordingly, the automaker plans to place 25% of Porsche's non-voting preferred shares on the stock market.

To do so, it will previously split Porsche's capital into 50% preferred shares and 50% common shares, Volkswagen points out.