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Name | Symbol | Market | Type |
---|---|---|---|
Rightmove PLC (PK) | USOTC:RTMVY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.36% | 13.88 | 13.62 | 14.11 | 13.915 | 13.8404 | 13.91 | 31,166 | 21:06:26 |
Deutsche Telekom AG and private-equity firms Hellman & Friedman LLC and Blackstone Group plan to list Scout24 on the Frankfurt stock exchange this year as the online-classifieds company seeks to tap investors' appetite for German real estate to fund further growth, according to a filing Monday.
The move comes as several large companies hope to list in Frankfurt later this year, braving stock market volatility amid worries over China and an expected rise in U.S. interest rates. Aspirin-maker Bayer AG last week said it plans to list its plastics unit Covestro on the stock market later this year in what could become the largest German IPO in recent years with a valuation of possibly more than 11 billion euros ($12.27 billion). Other companies working on an IPO include shipping group Hapag-Lloyd AG, Bombardier Inc's train unit and food delivery firm HelloFresh.
"The planned IPO is the logical next step in the company's development path, and now is the right time to take it," said Gregory Ellis, chief executive of Scout24.
The company that bundles leading digital marketplaces for cars and real estate under one name said it would issue at least €200 million in new shares and place an unspecified number of existing shares in a move that will bring its overall valuation above the €2 billion it received when Deutsche Telekom sold a 70% stake in Scout24 to private-equity firm Hellman & Friedman in November 2013.
Deutsche Telekom is reshaping its business and has for several years been looking to either sell its unit T-Mobile US Inc. or merge it with another operator.
Scout24 also received interest from Axel Springer AG and ProsiebenSat. 1 AG earlier this year, people familiar with the matter said, but is pressing ahead with an IPO. With around 1,000 employees, Scout24 recorded earnings of €149 million before interest, taxes, depreciation and amortization, or Ebitda, last year on revenue of €342 million. It aims at strengthening its dominant market position in Germany and other European countries to continue its 12% annual revenue growth over the last couple of years.
Its U.K. rivals Rightmove PLC and Auto Trader Group PLC are valued at roughly 22 times their expected Ebitda in 2016.
Write to Eyk Henning at eyk.henning@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 07, 2015 06:15 ET (10:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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