Adds detail, background
FRANKFURT, Jan 13 (Reuters) – German used-car trading platform AUTO1 plans to list on the Frankfurt stock exchange, the company said on Wednesday, kicking off what is expected to be a busy season for initial public offerings in Germany.
AUTO1, the top platform for buying and selling in Europe’s 600-billion-euro market for used cars, added that it aims to raise about 1 billion euros ($1.2 billion) in the flotation from new shares.
The deal is expected to open the IPO market in Germany, where other large deals, including listings of mobile towers group Vantage, labs group Synlab, software group Suse and online retailer About You are lining up for the first half of 2021.
The deal could value the Berlin-based technology firm at more than 5 billion euros, people close to the matter said.
Founded by Christian Bertermann and partner Hakan Koc in 2012, AUTO1 has won backing of $1.4 billion according to Crunchbase, including from the SoftBank Vision Fund 9984.T.
While it has no direct peers in Europe, investors are expected to compare it to U.S. competitors such as Carvana CVNA.N, Vroom VRM.O and Carmax KMX.N.
Goldman Sachs GS.N, Citi C.N, Deutsche Bank DBKGn.DE and BNP Paribas BNPP.PA are organising the IPO as global coordinators with the help of Barclays, HSBC, Numis, RBC, Credit Agricole, Commerzbank, Mizuho and Wells Fargo.
(Reporting by Arno Schuetze; Editing by Sabine Siebold; Editing by Clarence Fernandez)
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