Porsche shares: That’s how much they cost, and that’s why they attract fraudsters

Some investors are probably eagerly awaiting the IPO of Porsche AG. Fraudsters try to take advantage of this by selling suspected shares before the IPO.
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The sports car manufacturer Porsche plans to go public this fall. According to a press release, preference shares must also be offered to private investors.

Fraudsters also take advantage of this. The Danish Financial Supervisory Authority Bafin has published 14 warnings in the past few months: Providers without a license offer private investors alleged Porsche shares before the market.

You can actually “subscribe” Porsche shares from your bank before the actual trading starts without getting involved with scammers. If you have your deposit with one of the consortium banks, you have a better chance of getting the Porsche papers.

On September 29, the time has come: Porsche will be listed on the stock exchange. Anyone looking for the sports car maker’s share price on the Internet will immediately notice that there is already a Porsche share. Porsche SE, which has been listed since 1997, is an investment company. It is the largest shareholder in the Volkswagen Group.

However, the planned Initial Public Offering, i.e. the first public offer of securities, is about Porsche AG, which is responsible for the production of the sports car. The Porsche AG privileges are offered in a corridor between 76.50 and 82.50 euros per The plan is to issue almost 114 million shares. That includes nearly 15 million papers for a possible over-allotment, which parent company VW announced. If all goes as planned and the actual offer price falls in the mentioned range, gross proceeds of 8.71 to 9.39 billion euros are expected. It was therefore to be the largest IPO in Europe in recent years.

But the hype also attracts scammers who smell a quick buck. The Federal Financial Supervisory Authority (Bafin) has warned a total of 14 times since the beginning of the year against fraudsters “offering” Porsche shares. “The pre-market offers (…) come neither from Volkswagen AG nor from any of its subsidiaries,” a report said. Companies that offer consumers shares in other companies for sale require permission from Bafin. This also applies to shares before the IPO.

“The process is usually as follows: Consumers are usually contacted by phone unsolicited from companies offering shares of known issuers that have announced an IPO for themselves or an affiliated company,” Bafin said in response to our request. “If consumers accept the offer, they pay the purchase price for the shares offered, but never receive the securities.”

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The fraudulent providers usually run a professional-looking website including an imprint. As a rule, they also indicate a registered domicile in Germany, but are not found at this address. “Sometimes the entire identity of an existing company is misused,” a Bafin spokesman said. Providers use free rating services and online press portals to “allow themselves to be presented in an extremely positive light”.

“It is not easy to spot these fakes,” the spokesman continued. As there are numerous cases of identity abuse, consumers should be skeptical of unsolicited contact – even if it is from a supposedly officially approved company, according to the tax authorities. “Even the unsolicited contact is an indication that something is wrong, institutes are not allowed and do not do that,” the Bafin spokesman said. In this case, he advises comparing the information on the company’s website with that of the contact person.

“Such offers should always be treated with caution,” declares financial expert Sandra Klug from Hamburg’s consumer advisory center. If someone offers shares before the stock exchange, you should be skeptical and inquire about the providers at BaFin.

“You also have to be aware of the risk,” continues Klug. Because it is not necessarily a good idea to buy shares before the stock market listing. “If the IPO fails, probably no one will buy the shares,” says Klug.

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Private investors who actually want to buy Porsche shares before the actual trading begins on the stock exchange can order the share certificates from their bank during the so-called subscription period.

In principle, this can be done with any bank, but the consortium banks have priority. This means that if you have an account in one of the banks that organize and accompany the IPO, you are more likely to get the shares you want. The German syndicate banks are: Baden-Württembergische Bank, Comdirect, Commerzbank, Consorsbank, DAB BNP Paribas, Deutsche Bank, Deutsche Sparkassen/S-Finanzgruppe, Landesbank Baden-Württemberg, Maxblue, S Broker and UniCredit Bank.

“Orders placed by individuals through non-underwriters are subject to the discretionary award process and may therefore receive smaller awards, if any, on a relative basis,” Porsche said in a presentation.

It is not yet clear when the subscription period will begin. It is estimated that it will be in about two weeks. The securities prospectus must first be published and approved. From then on, private investors can submit a subscription order.

This means that you must specify the number of shares you want to subscribe for and the maximum price per share. share you are willing to pay. All orders are recorded in a digital order book. After the end of the subscription period, the share price is calculated based on the bids.

All those who have subscribed at this issue price or a higher price will then be allocated the shares available in the IPO. So the actual number of shares you get depends on the demand. “It is therefore possible that interested parties will not receive the full number of shares that you have ordered,” reads the Porsche presentation. Regular trading on the stock exchange usually starts the day after the award.

Disclaimer: Stocks, cryptocurrencies and investments always involve risk. A total loss of the invested capital cannot be ruled out either. The published articles, data and forecasts are not an invitation to buy or sell securities or rights. They are also not a substitute for professional advice.

With material from DPA

This text was first published on 15 September. It has been updated and republished.

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