Online Classified Ads Portal Scout24 Raises 1.16 Bn Euros in IPO
Scout24, a German Internet portal specializing in classified ads websites, said it raised more than one billion euros ($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 (IPO) contrasts with the difficulties faced by other would-be stock market debutants.
The polymers company Covestro announced earlier on Thursday that it would delay and scale down its planned IPO in the wake of the market volatility triggered by the massive Volkswagen pollution-cheating scam.
Media reports also suggest that the car parts supplier Schaeffler is finding it difficult to place its shares as a result of the VW scandal.
Source: Agence France Presse
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