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Volkswagen AG is looking to raise as much as 9.4 billion euros ($9.41 billion) from the initial public offering of its iconic sports-car maker Porsche AG in what could be Europe's largest listing in more than a decade.

The German carmaker said late Sunday it is seeking a valuation of 70 billion to 75 billion euros for the listing, below an earlier top-end goal of as much as 85 billion euros, with the deal going ahead at a time of deep market upheaval. European markets have been largely shut to IPOs for most of the year, with companies shying away from seeking new listings because of the region's energy crisis, rising interest rates and record inflation.

Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 1.5 per cent higher, topping Germany's DAX blue-chip index.

Already, cornerstone investors have laid claim to almost 40 per cent of the share capital on offer: Qatar Investment Authority, Volkswagen's third-largest shareholder, has committed to buying 4.99 per cent, while Norway's sovereign wealth fund and T. Rowe Price will purchase shares worth 750 million euros, Sunday's statement said.

The subscription period for private and institutional investors is expected to run from September 20 to 28, with shares offered to private investors in Germany, Austria, Switzerland, France, Italy, and Spain.

In line with Volkswagen's agreement earlier in September with Porsche SE, 25 per cent plus one ordinary share in the sportscar brand, which carries voting rights, will go to Porsche SE at the price of the preferred shares plus a 7.5 per cent premium.

Porsche SE will finance the acquisition of the ordinary shares with debt capital of up to 7.9 billion euros, it said in a separate statement.

Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.