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by Legal Desire
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29 September 2022

Europe’s largest IPO by market cap: Clifford Chance advises an international banking syndicate on the c. EUR 9.4 billion initial public offering of Porsche AG

Capital Markets & IPO Industrials & Manufacturing Completed AustriaFranceGermanyItalySpainSwitzerland

Advising firms

Clifford Chance
Underwriters acting for BofA Securities, Citi, Goldman Sachs and J.P. Morgan as Joint Global Coordinators, BNP PARIBAS, Deutsche Bank and Morgan Stanley as Senior Joint Bookrunners, Banco Santander, Barclays, Société Générale and UniCredit as Joint Bookrunners, COMMERZBANK, Crédit Agricole CIB, Mizuho and Landesbank Baden-Württemberg as Co-Lead Managers

Deal team

19 lawyers named
LawyerFirmSeniorityPracticeOffice
George Hacket Lead Clifford Chance Partner capital markets Frankfurt
Axel Wittmann Clifford Chance Counsel Global Financial Markets Munich
Andrei Manea Clifford Chance Senior associate Global Financial Markets Frankfurt
Sarah Steece Clifford Chance Senior associate Global Financial Markets London
Maks Mencin Clifford Chance Associate Global Financial Markets Frankfurt
Lucy Liu Clifford Chance Associate Global Financial Markets Munich
Brian Chen Clifford Chance Trainee Global Financial Markets London
Markus Stephanblome Clifford Chance Partner German corporate law Frankfurt
Thomas Voland Clifford Chance Partner ESG Düsseldorf
Aline Cardin Clifford Chance Partner Global Financial Markets Paris
Stefano Parrocchetti Clifford Chance Counsel Global Financial Markets Milan
Yolanda Azanza Clifford Chance Partner Global Financial Markets Madrid
Francisco Pizarro Clifford Chance Associate Global Financial Markets Madrid
Jack Hardman Clifford Chance Partner securities law Dubai
Massimiliano Valli Clifford Chance Associate securities law Dubai
Avrohom Gelber Clifford Chance Partner US tax New York
Wei Bin Tan Clifford Chance Associate US tax New York
Olaf Mertgen Clifford Chance Partner German tax Frankfurt
Dr. Nadine Schader Clifford Chance Senior associate German tax Frankfurt

Stated terms

Stated value
EUR 9.40bn (c. EUR 9.4 billion)
What the figure measures
Issue size
Client
Not stated
Counterparties
Dr. Ing. h.c. F. Porsche AG (Issuer)
Volkswagen AG (Sell-side)
BofA Securities (Underwriters)
Citi (Underwriters)
Goldman Sachs (Underwriters)
J.P. Morgan (Underwriters)
BNP PARIBAS (Underwriters)
Deutsche Bank (Underwriters)
Morgan Stanley (Underwriters)
Banco Santander (Underwriters)
Barclays (Underwriters)
Société Générale (Underwriters)
UniCredit (Underwriters)
COMMERZBANK (Underwriters)
Crédit Agricole CIB (Underwriters)
Mizuho (Underwriters)
Landesbank Baden-Württemberg (Underwriters)