Sunday , 16 June 2019
Breaking News
Rocket Internet sets IPO price range, to raise EUR 1.5 bln

Rocket Internet sets IPO price range, to raise EUR 1.5 bln

German start-up incubator Rocket Internet has priced its initial public offering at EUR 35.50-42.50 per share, taking the value of company to around USD 8 billion, the Financial Times reported. Rocket is now expecting gross proceeds of about EUR 1.477 billion, assuming it places the maximum number of shares at the mid-point of the price range, corresponding to a market capitalisation of EUR 6.2 billion. The company initially planned to raise EUR 750 million with its IPO.

The expected proceeds include EUR 582.5 million from cornerstone investors, who along with existing shareholders have committed to a 12-month lock-up period. The free float after lock-ups will be 24 percent.

Founded in 2007 by brothers Oliver, Alexander and Marc Samwer, Rocket Internet has set up e-commerce sites and online marketplaces for everything from taxis to meal deliveries in more than 100 countries that made revenue of USD 1 billion in 2013. Rocket wants to replicate the success of and Alibaba in markets that the US and Chinese groups have yet to dominate, such as Africa, Latin America, Russia and other parts of Asia.

Rocket has elected a new nine-member supervisory board and said the offer period will start on 24 September and end on 7 October, with a listing on the Frankfurt stock exchange planned for 9 October.

The company will use proceeds from the IPO to launch new companies, finance existing firms and consolidate Rocket’s stakes in some of its more established companies.

Article Source

Share and Enjoy

Leave a Reply

Your email address will not be published. Required fields are marked *