Volkswagen Group unveiled the pricing for the planned initial public offering of Porsche AG, giving the luxury sports-car division a valuation of up to 75 billion euros ($74.97 billion).
Here are key facts about the structure of the listing:
Porsche's share capital is being split in two, with 455.5 million ordinary shares and the same number of preferred shares, totalling 911 million shares overall, a play on the company's most iconic model.
Ordinary shares carry voting rights, which matter when it comes to the question of who controls the company.
Preferred shares don't carry voting rights, but their holders will receive an additional dividend of 0.01 euros apiece on top of every dividend the company pays out on its ordinary shares.
Shares in Porsche AG are expected to start trading on Frankfurt's stock exchange on Sept. 29.
What VW is selling
As part of the deal, Volkswagen plans to sell 25% plus one ordinary share in Porsche AG to Porsche SE, the holding firm controlled by the Piech and Porsche families, effectively giving them a blocking minority in the namesake brand.
Volkswagen also plans to sell 25% of preferred shares on the market. Qatar, Volkswagen's third-largest shareholder, has already committed to buy 4.99%, leaving another 20.01%, or 10% of Porsche's total capital, to other investors.
The sovereign wealth funds of Norway and Abu Dhabi and mutual fund company T. Rowe Price have also committed to buying 1.8 billion euros worth of preferred shares between them.
Porsche SE, already Volkswagen's largest shareholder and holder of the majority of voting rights in Europe's top carmaker, has pledged to pay a 7.5% premium for its ordinary shares over the placement price of the preferred shares.
How much will VW get?
Volkswagen's proceeds from the sale of ordinary and preferred shares will be between 18.1 billion and 19.5 billion euros.
In case of a successful IPO, Volkswagen will call an extraordinary shareholder meeting in December where it will propose to pay 49% of total proceeds, or 8.9 billion-9.6 billion euros, to its shareholders in early 2023 as a special dividend.
Who will control Porsche?
VW Group and Porsche SE will jointly own all of Porsche AG's ordinary shares in a 75 percent minus one share-25 percent plus one share split.
Overall, 75 percent minus one ordinary share of Porsche AG's total share capital will be owned by VW Group after the IPO.
Porsche SE will own 12.5 percent plus one ordinary share of Porsche AG's total capital while Qatar will own 2.5 percent. The remaining 10 percent will be free-float.