- Title: Shares in TeamViewer drift lower in Europe's biggest IPO of 2019
- Date: 25th September 2019
- Summary: FRANKFURT, GERMANY (SEPTEMBER 25, 2019) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** TEAMVIEWER EMPLOYEES AND MANAGEMENT ON FLOOR OF FRANKFURT STOCK EXCHANGE CEO OLIVER STEIL (pron.: Sh-TYLE) and CFO STEFAN GAISER (pron.: GUY-ser) APPLAUDING EMPLOYEES APPLAUDING (SOUNDBITE) (English) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "I am very, very proud of what we achieved and you should be extremely proud of what you have done, being one of the biggest IPOs in the software industry or the biggest one in Frankfurt stock exchange as TeamViewer is just amazing. And thank you very much for all the work you have put into this." CHEERING EMPLOYEES VARIOUS OF TEAMVIEWER SHARE PRICE OF 26,25 EUROS BEING ANNOUNCED GAISER AND STEIL RINGING BELL CHEERING EMPLOYEES (SOUNDBITE) (German) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "It's within the framework we expected. We had a lot of investors' support and I think we should not forget that stock markets are a little agitated with everything going on around the world. So we are very happy." SHARE PRICE OF 26,25 EUROS ON SCREEN (SOUNDBITE) (German) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "The revenues of the IPO will flow to shareholder Permira. As a company we don't need money. We are profitable and achieve growth ourselves." CAMERAWOMAN FILMING (SOUNDBITE) (German) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "Beautiful, beautiful. The entire team of 300 people is here. They came from Goeppingen. You can hear the noise, there is a party atmosphere. It's beautiful, a great moment for us." VARIOUS OF STEIL AND EMPLOYEES POSING FOR CAMERAS WITH BULL AND BEAR MINI STATUE VARIOUS OF STEIL AND GAISER POSING FOR CAMERAS OUTSIDE FRANKFURT STOCK EXCHANGE
- Embargoed: 9th October 2019 10:06
- Keywords: TeamViewer IPO DAX stocks shares exchange Frankfurt software
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA001AY5M9VX
- Aspect Ratio: 16:9
- Story Text: German software company TeamViewer drifted lower in its stock market debut on Wednesday after the remote connectivity specialist launched Europe's biggest initial public offering of 2019.
Shares opened in line with the offer price of 26.25 euros but slipped to 25.32 euros in early trading as European tech stocks fell 2%, even though the offering was oversubscribed.
The IPO delivered a bonanza for investor Permira, which bought TeamViewer outright in 2014 for 870 million euros.
Its sale of a 42% stake generated proceeds of 2.21 billion euros ($2.43 billion).
The float, which valued TeamViewer at 5.25 billion euros, marks a rare tech debut on a Frankfurt market heavy with industrial and auto stocks.
"I am very, very proud of what we achieved and you should be extremely proud of what you have done," CEO Oliver Steil, who moved from Permira two years ago to run the business, told cheering staff on the floor of the Frankfurt Stock Exchange.
Permira's proceeds exceeded the 2 billion euros raised when Italian payments group Nexi floated in Milan in April, in what had been Europe's biggest IPO this year so far.
TeamViewer offers an "anyone, anything, anytime, anywhere" connectivity tool used in applications including remote IT support and online meetings.
At 11:15 a.m. (0915 GMT), shares in TeamViewer stood at 25.97 euros.
(Production: Andreas Buerger, Niklas Diemer, Michele Sani) - Copyright Holder: REUTERS
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