Volkswagen sets Porsche IPO at up to €9.4bn

Volkswagen has launched a major push into electric vehicles (Jens Meyer/AP)

Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche as it prepares an initial public offering to fund VW’s investments in new technologies and businesses including electric cars, software and services.

The German car maker said it aims for a listing on the Frankfurt stock exchange on September 29 after it places up to 25% of non-voting preferred shares in Porsche AG, maker of the 911 sports car and Cayenne SUV, with investors.