Rocket Internet apparently plans IPO

According to a report, the investment company wants to float a SPAC on the New York Stock Exchange and is currently looking for investors.

Germany has now also caught on to the SPAC hype. As the magazine Finance Forward reports, Rocket Internet is now planning to float a shell company on the New York Stock Exchange. The German start-up incubator has apparently approached various investors in recent weeks and wants to raise a three-digit million amount. The supporting bank is said to be Citibank. Neither company initially commented on this to the magazine.

For Spacs, which go public as an empty shell company, the big challenge is to find a suitable start-up within 24 months that they can take over and merge with the shell company. If the deadline is not met, investors get their money back. In the USA, the trend of SPACs has been around for some time and suitable takeover candidates are becoming increasingly competitive.

Rocket Internet was itself listed on the stock exchange until last year, but decided to delist and got into a lot of trouble with its shareholders, some of whom are suing the company led by Oliver Samwer.