A potential initial public offering of Porsche AG could happen as soon as the fourth quarter of 2022, the finance chief of the luxury carmaker’s owner Volkswagen said on Friday.

Outlining key steps of such a transaction, Arno Antlitz said that Volkswagen would update markets about the progress and timeline of a listing in late summer.

Shares in Volkswagen and its top shareholder Porsche SE were up 3.4% and 4.3% in early Frankfurt trade, respectively, after the companies late on Thursday fleshed out details of a possible listing of Porsche.

These include plans to list up to 25% of Porsche AG’s preferred stock, giving 25% plus 1 ordinary share in the carmaker to Porsche SE and paying out 49% of IPO proceeds to Volkswagen’s shareholders as a special dividend.