VW aims to raise 1.9 billion euros from the IPO of a truck

FRANKFURT (Reuters) – Volkswagen has announced Friday its intention to raise up to 1.9 billion euros by expecting at least a 10% stake in its Traton truck unit later this month. This is his second attempt at the market.

The bet size is in the lower part of a range of 10% to 20% previously indicated by the sources.

The German automaker said in a statement that the price of the offer would be 27 to 33 euros per share and would create a float of 10 to 11.5%, depending on which banks are managing the initial public offering to the company. 39, savings exercise an over-allotment option.

VW is looking to capitalize on the premium that truck stocks command on automobiles and to create an acquisition currency.

It plans to invest the proceeds of this sale in the transformation of its automotive business, as it prepares the launch of dozens of electric vehicles. In the meantime, he has shown interest in the US truck manufacturer Navistar.

The automaker is more cautious about the volume of shares it will place after ending previous listing plans in March, when it was considering placing a stake of up to 25 % on the stock market.

The offer, which values ​​Traton between 1.55 and 1.89 billion euros, will begin Monday and will end on 27 June. The first negotiation is scheduled for June 28.