Online ads por­tal Scout24 raises 1.16 bil. eu­ros in IPO

The China Post - - BUSINESS INDEX & -

Scout24, a Ger­man In­ter­net por­tal spe­cial­iz­ing in clas­si­fied ads web­sites, said it raised more than 1 bil­lion eu­ros (US$1.1 bil­lion) from its stock mar­ket list­ing Thurs­day, de­spite a dif­fi­cult mar­ket en­vi­ron­ment.

Scout24 said in a state­ment that the is­sue price for the place­ment of 38.4 mil­lion shares was set at 30 eu­ros per share, rais­ing a to­tal of 1.16 bil­lion in new funds which would be used to re­duce debt and in­vested in ex­pand­ing its busi­ness.

Set up in 1998, Scout24 owns the real es­tate clas­si­fied ads por­tal Im­mo­bilienS­cout24 and the used car por­tal Au­toS­cout24.

It gen­er­ated an­nual sales of 342 mil­lion eu­ros last year.

For­merly owned by Ger­man tele­coms gi­ant Deutsche Telekom, its cur­rent share­hold­ers in­clude the funds Hell­man & Fried­man and Blackstone.

The share opened at 30.75 eu­ros in Frank­furt, but sub­se­quently fell back to 30.03 eu­ros.

The suc­cess of Scout24’s ini­tial public of­fer­ing con­trasts with the dif­fi­cul­ties faced by other wouldbe stock mar­ket debu­tants.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.