Volkswagen AG hopes to raise as much as €9.4 billion ($9.41 billion) in an initial public offering of Porsche AG, maker of its iconic sports car, in what could be the largest European listing in more than a decade.

The German automaker said late Sunday that it was seeking a listing at a valuation of €70 billion to €75 billion, down from a previous high of €85 billion, amid wild market volatility. European markets have been largely closed to IPOs for much of the year, with companies reluctant to seek new listings due to the region’s energy crisis, rising interest rates and record inflation.

A firm commitment from a major cornerstone investor has propelled the listing plan amid a slump in the stock market. The manufacturer said that Qatar Investment Authority, Norway’s sovereign wealth fund, T Rowe Price and ADQ would subscribe for up to €3.7 billion of preferred shares. Porsche is not the only company to cut its valuation target, with Intel Corp lowering expectations for its Mobileye IPO.

The quotation period will begin on September 20, and trading is scheduled to begin on September 29.

In addition to providing investors with a stake in one of the most recognizable names in automaking, the IPO will hand key decision-making power back to the Porsche-Piech family, which has lost control of the car after a protracted takeover battle with Volkswagen. Given the interests of the billionaire family, which holds a 53% voting stake in Volkswagen through separately-listed Porsche Cars Holdings, the Porsche IPO is complicated and raises governance issues like Volkswagen’s complex structure.

Investors can subscribe to 25% of Porsche’s preferred shares, which have no voting rights. The family will buy a 25% stake in Porsche and common shares with voting rights, meaning they will receive a minority stake and influence in key future decisions. The family has agreed to pay a 7.5% premium over the preferred share price range and plans to fund the acquisition through debt capital of up to €7.9 billion and a special dividend paid by Volkswagen.

The automaker said that proceeds from the deal would help VW fund its electric vehicle transition and software investments. While interest in the IPO has been high, some investors said the appointment of Porsche CEO Oliver Blume at Volkswagen’s helm and plans to keep him in the dual role has sparked concerns about Porsche’s future independence.