Bugatti-Rimac will put off stock market debut

Croatian luxury automaker Rimac is unlikely to list on the stock market anytime soon, CEO Mate Rimac said, after recent media reports said a listing could come as early as 2022.

“We don’t want to do it straight away but to give ourselves time and prepare the business. So it could be in five or 10 years,” CEO Mate Rimac told Automobilwoche, a sister publication of Automotive News Europe. “Our focus at Bugatti-Rimac is clearly on profitability.”

As of November, Bugatti left Volkswagen Group and became a joint venture of Rimac Automobili and VW’s Porsche unit, with the new name Bugatti-Rimac and headquartered in Zagreb. Porsche controls 45 percent of the new company and Rimac 55 percent.

Porsche holds a 24 percent stake in Rimac.

German business publication Manager Magazin had reported earlier this year that Rimac was considering a stock market listing in 2022, with an expected valuation of 5 billion euros ($5.7 billion).

The company said at the time it was weighing different options.

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