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 listing its subsidiary Mobly on the Brazilian stock exchange. The issue price per share is 21 Brazilian real, the equivalent of around 3.25 euros. "There was strong demand from institutional investors both in Brazil and in the USA," writes Home24 in a company press release. A total of just over 37 million new shares will be issued, with Home24 placing an additional 1.6 million ordinary shares. If all shares are sold, Home24 will receive 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 accelerate this path together with Mobly's management." Following the IPO of the Brazilian online furniture retailer, 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 join Mobly's Board of Directors as non-executive directors.

Mobly will receive the equivalent of EUR 120.6 million in gross proceeds from the IPO. The aim is to secure financing - independently of the German parent company Home24 - and implement the growth strategy.