Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for VW
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's e...
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