In what may be the third-largest IPO in European history, Volkswagen announced it was aiming for a price of up to 75 billion euros ($74.84 billion) for sports car brand Porsche.

Despite the fact that the stocks of other luxury automakers like Ferrari and Aston Martin have fallen this year due to the turmoil in European stock markets, Porsche hopes to attract investors with its strong brand and excellent operational margins.

The valuation of 70–75 billion euros, which was revealed on Sunday, is significantly higher than that of other German automakers like BMW, which is valued at 49 billion euros, and Mercedes-Benz, which is valued at 61 billion. However, it is slightly lower than some investors’ estimates of up to 85 billion euros.

Additionally, it is not far from Volkswagen’s own market value of 88 billion euros. In premarket trading, the automaker’s shares increased by 3%. They were only little higher at 145.6 euros by 09:14 GMT, up from 145.46 at Friday’s closing, but they managed to defy a decline in European shares.

Porsche AG’s Chief Financial Officer Lutz Meschke stated in early September that although the IPO might still be cancelled before trading begins on September 29, this would only occur in the event of additional “serious geopolitical difficulties.” The value of just one of Volkswagen’s luxury brands would be highlighted in the listing, analysts have predicted, which might increase the company’s own valuation. However, Volkswagen’s shares rose 3% in premarket activity but only 0.4% by 0838 GMT from Friday’s close.

Porsche Holding SE, Volkswagen’s largest shareholder, saw its shares rise 3.23%, outperforming the DAX blue-chip index in Germany.

On Sunday evening, Volkswagen said that it will price Porsche AG’s preferred shares at a range of 76.50 to 82.50 euros per share.

On Monday afternoon, a prospectus including more information on the IPO is anticipated to be released.

The automaker intends to issue preferred shares, which do not have voting rights, to investors for up to 12.5% of Porsche’s share capital.

Cornerstone investors have already claimed about 40% of the available share capital: According to a statement released on Sunday, Norway’s sovereign wealth fund and T. Rowe Price will each buy shares worth 750 million euros, while Qatar Investment Authority, Volkswagen’s third-largest stakeholder, has committed to purchasing 4.99%.

The ADQ of Abu Dhabi will purchase shares for 300 million euros.

“Investors are waiting in line. The Porsche IPO will probably be successful. If the Porsche IPO is successful, one might consider listing other divisions of Volkswagen, like Audi, on the public market, according to automotive expert Arndt Ellinghorst of data analytics company Quantico.

Porsche AG stock has been contrasted by analysts to Ferrari, which has a 38 billion euro market valuation but an operating margin of 24% as opposed to Porsche’s 17–18%. The German automaker is far ahead in electric vehicles and aims for a 20% margin.

However, given that Porsche AG’s Chief Executive Oliver Blume oversees both the sports car manufacturer and the Volkswagen Group, with Porsche SE holding a sizeable part, some investors have expressed caution due to the complicated governance difficulties at the company.

Shares will be made available to private investors in Germany, Austria, Switzerland, France, Italy, and Spain from September 20 to September 28 during the subscription period for both individual and institutional investors.

In accordance with the deal Volkswagen and Porsche SE reached earlier in September, Porsche SE will receive 25% plus one ordinary share in the sports car manufacturer, which does have voting rights, for the price of the preferred shares plus a 7.5% premium.

The deal will bring in between 18.1 billion and 19.5 billion euros overall.