German car manufacturer Volkswagen is set to list its iconic sports carmaker Porsche AG in one of the biggest IPO (initial public offering) in years.

This could become one of the world’s largest listings, even as record inflation and a Russia-Europe energy standoff has sent European stocks tumbling, Reuters reported.

The offering could value Porsche between 60 billion and 85 billion euros ($84 billion), and is targeted for the end of September or beginning of October and is expected to be completed by year end, subject to capital market conditions.

The listing, will support the company’s transition into electric vehicles and self-driving cars, and is planned on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange.

While the Porsche brand is strong, other luxury carmakers’ values, such as Aston Martin and Ferrari, have dropped.

Qatar will be a main investor, with its intentions to commit to a 4.99 percent stake, in the newly listed company.

Preferred shares will also be offered to retail investors in countries in Europe including France, Spain and Italy, an attempt to tap into Porsche’s loyal fan base, Reuters said.

“We very much welcome the decision of the Volkswagen Supervisory Board in favor of an IPO of Porsche AG,” Porsche AG chairman of the executive board Oliver Blume said in a statement.

“This is a historic moment for Porsche. We believe an IPO would open up a new chapter for us with increased independence as one of the world’s most successful sports car manufacturers. It would strengthen our ability to further execute our strategy.”

The statement added in the IPO itself, “up to 25 percent of the preferred shares in Porsche AG would be listed to support a meaningful free float and help create a liquid aftermarket for the Porsche AG shares.”

Porsche AG intends targets a dividend payout ratio of 50 percent of the Porsche Group’s IFRS consolidated profit after tax attributable to its shareholders in the mid-term, the statement said.