myfisense
German used-car trading platform AUTO1 on set a range of between 32 and 38 euros per share for its initial public offering, implying that its Frankfurt flotation will raise at least 1.5 billion euros ($1.83 billion).
AUTO1 said it would issue 31.25 million new shares, worth at least 1 billion euros, and invest 75% of that into its Autohero brand, which it wants to expand into the leading fully-digital car retailer in Europe.
Existing shareholders will sell another 15.625 million shares, AUTO said in a statement.
The subscription period starts on Tuesday and runs until Feb. 2 2021, opening this year’s IPO market in Germany. AUTO1’s first day of trading on the Frankfurt Stock Exchange will be Feb. 4 2021.
