Boost for Europe market as Porsche IPO to raise up to $9.4 bn for parent VW

Porsche isn't alone in scaling back valuation targets, with Intel Corp. lowering expectations for its Mobileye IPO

Volkswagen AG is looking to raise as much as 9.4 billion euros ($9.4 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