MeinAuto plans IPO

The company aims to raise 150 million euros in the IPO. This will increase the valuation to over two billion euros.

The online car dealer MeinAuto is going public on the Frankfurt Stock Exchange in the second quarter. Last year, the AG achieved a turnover of 212 million euros and an adjusted EBITDA of 38 million euros. "MeinAuto Group has grown strongly and highly profitably on an adjusted EBITDA basis over the last three years," said CEO Rudolf Rizzolli in a company statement. "The IPO is an important step in further developing the company on its growth path and expanding our position as the leading online platform for the digital sale of new cars in Germany."

Back in February, Startbase reported Startbasethat MeinAuto was changing its legal form to an AG and was aiming to go public. The Cologne-based start-up wants to raise 150 million euros through newly issued shares in order to finance further growth and pay off debt. The British financial investor Hg also wants to sell its shares, which should make the IPO even larger. This puts the company's valuation at more than two billion euros, according to ntv.de reported with reference to insiders. The investment banks Bank of America, Barclays, Citi, Jefferies and Unicredit have been mandated for the IPO.

The used car dealer Auto1 already successfully went public in January. Unlike Auto1, MeinAuto sells new cars via its platform. MeinAuto was founded in 2007 and directs car buyers to more than 9,000 partners. The company employs 160 people at six locations.