RIYADH: Dietrich Mateschitz, founder of energy drink maker Red Bull and LVMH Chairman Bernard Arnault are among those big names who have indicated interest in subscribing to Porsche’s planned initial public offering valued at $85 billion, Bloomberg reported quoting people familiar with the matter. The people who wished to stay anonymous revealed that Volkswagen’s luxury brand has already secured pre-orders that exceed the shares on offer at a valuation between €60 billion ($60 billion) and €85 billion. The report noted that Porsche is expected to announce its intention to float in Frankfurt in the first week of September amid market headwinds. T Rowe Price Group Inc. and Qatar Investment Authority have already indicated interest in subscribing to the IPO in that valuation range, the report added. The people, however, added that several European and US institutional asset managers who typically invest in German IPOs have so far shied away from making firm commitments due to corporate governance concerns. The report further added that the luxury car firm has sufficient demand to nearly fill the shadow order book at the top end of the range and is oversubscribed at the lower end. A previous Bloomberg report had claimed that Abu Dhabi’s Mubadala Investment Co. and ADQ are also interested in the IPO. The report further stated that several Saudi Arabian organizations are also exploring investment opportunities. Meanwhile, Reuters, citing anonymous sources, reported that a final decision on the IPO has not been taken yet as uncertainty linked to the Ukraine war and an escalating energy crisis could lead management to decide to wait. The Reuters report added that several investors are reluctant as just 12.5 percent of Porsche AG’s stock will be sold on the open market. According to the report, Porsche is aiming for 80 percent of its car sales to be electric by 2030, more than quadrupling the current level. The report further noted that the listing is designed to help fund the transition. Last month, Oliver Blume, CEO of Porsche said that details about the IPO will be gradually revealed on what its agreement with Volkswagen for the structure of a partial listing will look like. “We are in progress to work on an industrial cooperation agreement with Volkswagen Group. In the upcoming weeks we can go into more details,” said Blume, Reuters reported.