Home24 subsidiary goes public in Brazil

In total, Home24 could raise 145 million euros through Mobly's IPO. The German company remains the majority shareholder.

Home24 is taking its subsidiary Mobly public on the Brazilian stock exchange. The issue price per share is 21 Brazilian reals, the equivalent of about 3.25 euros. "There was strong demand from institutional investors in both Brazil and the U.S.," Home24 wrote in a company release. In total, just over 37 million shares will be newly issued, with Home24 placing an additional 1.6 million common shares. If all shares are sold, Home24 will raise the equivalent of 145 million euros.

"In recent years, Mobly has successfully shaped growth and today occupies a market-leading position," says Marc Appelhoff, CEO of Home24. "We will now continue this path at an accelerated pace together with the Mobly management." Following the Brazilian online furniture retailer's IPO, Home24 continues to indirectly hold at least 51.1% of the shares in Mobly and thus remains the majority shareholder. Appelhoff and CFO Philipp Steinhäuser will serve as non-executive directors on Mobly's board of directors.

Mobly will receive the equivalent of €120.6 million in gross proceeds from the IPO. This is intended to secure financing - independent of the German parent company Home24 - and implement the growth strategy.