MeinAuto cancels IPO
Tom Schmidtgen
| 12.05.2021
Actually, the car dealer wanted to go public on Wednesday. But nothing will come of it for the time being.
MeinAuto AG and British owner Hg have jointly decided to postpone the IPO scheduled for this Wednesday. "This is due to the current unfavourable market conditions for high-growth companies," a statement from the new car dealer said.
Currently, MeinAuto could not guarantee that the share would develop positively, it said. Actually, the initial public offering of the stock was supposed to take place on May 12 on the Frankfurt Stock Exchange. "As soon as market conditions stabilize", the company said, a new attempt will be made. The DAX slipped sharply into negative territory at the start of the week - after weeks of highs.
The plan was to collect 150 million euros with the IPO. MeinAuto wanted to expand with it. The Cologne-based start-up could also have risen to become a unicorn. Hg has been the owner of MeinAuto since 2018. The start-up sells new cars, the focus is on subscription models with services. MeinAuto Group employs 380 people. Meanwhile, the company headquarters is located in Oberhaching near Munich.
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