Summary List Placement
Auto1 Group, a European platform for used car sales, could IPO in Frankfurt as early as next month at a higher-than-expected valuation, Insider understands from a well-placed source.
The company has hired Goldman Sachs, Citi and BNP Paribas as global coordinators of its initial public offering, per Reuters.
During the third quarter of 2020, the eight-year-old’s startup’s valuation was mooted at around €5 billion ($6.1 billion).
Insider now understands the valuation is likely to land north of $8 billion. The higher price target is thought to reflect the company’s improved financials and the strong performance of its US competition.
Auto1 declined to comment.
The company announced publicly on Wednesday that it planned to float on the Frankfurt Stock Exchange in the first quarter of 2021, aiming to raise €1 billion ($1.2 billion). It did not comment on valuation.
Founded in 2012 by Christian Bertermann and partner Hakan Koc, Auto1 has so far brought in $1.4 billion in funding from investors including the SoftBank Vision Fund and is the top platform for buying and selling in Europe’s approximately €600 billion ($730.5 billion) used car market.
The company’s third quarter revenues were up 90% year-on-year, and the firm reported an 82% increase in the number …read more
Source:: Businessinsider – Tech