MeinAuto plans IPO
The company plans to raise 150 million euros in the IPO. The valuation thus rises to over two billion euros.
Online car dealer MeinAuto is going public on the Frankfurt Stock Exchange in the second quarter. Last year, the AG posted revenues of 212 million euros and adjusted EBITDA of 38 million euros. "MeinAuto Group has grown strongly and highly profitably on an adjusted EBITDA basis over the past three years," CEO Rudolf Rizzolli said in a company statement. "The IPO is an important step to further develop the company on its growth path and to expand our position as the leading online platform for digital sales of new cars in Germany."
Back in February, Startbase reported that MeinAuto was changing its legal form to an AG and aiming to go public. The Cologne-based start-up is looking to raise €150 million through newly issued shares to fund further growth and pay down debt. The British financial investor Hg also wants to sell its shares, which should make the IPO even bigger. This would put the company's valuation at more than two billion euros, as ntv.dereports with reference to insiders. Investment banks Bank of America, Barclays, Citi, Jefferies and Unicredit have been mandated for the IPO.
Back in January, used car dealer Auto1 successfully launched on the stock market. Unlike Auto1, MeinAuto sells new cars through 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.
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