- Title: AUTO1 shares go into top gear in Frankfurt debut
- Date: 4th February 2021
- Summary: FRANKFURT, GERMANY (FEBRUARY 4, 2021) (REUTERS) AUTO1 IPO ANNOUNCED ON BOARD VARIOUS OF AUTO1 FIRST SHARE PRICE BEING ANNOUNCED AT 55 EUROS FIRST SHARE PRICE OF 55 EUROS ANNOUNCED ON BOARD TRADER AUTOMOBILE SHARES ON BOARD (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING (on AUTO1): "The first Auto1 share price was definitely very
- Embargoed: 18th February 2021 11:51
- Keywords: auto1 ipo commerzbank deutsche bank italy mario draghi wir kaufen dein auto.de
- Location: UNDISCLOSED LOCATION / FRANKFURT, GERMANY
- City: UNDISCLOSED LOCATION / FRANKFURT, GERMANY
- Country: Germany
- Topics: Company News Markets,Europe,Economic Events
- Reuters ID: LVA002DY88971
- Aspect Ratio: 16:9
- Story Text: Shares in used-car trading platform AUTO1 raced ahead in their stock exchange debut on Thursday (February 4), as Germany's first big initial public offering of the year was snapped up by tech-hungry investors.
The shares opened in Frankfurt at 55 euros a share - 45% above the price at which they were sold to investors in an oversubscribed offering that valued the nine-year-old Berlin startup at 7.9 billion euros ($9.47 billion).
AUTO1 priced its 1.8 billion euro initial public offering (IPO) at the top of a 32 to 38 euros per share range, following strong demand from investors in Europe's second big tech IPO of the year.
After popping at the open, shares drifted back to around 51 euros, putting a market value of around 10.6 billion euros on the business.
Frankfurt analyst Robert Halver of Baader bank called the run for Auto1 shares "no wonder" as investors were "desperately looking for new issues."
Halver also welcomed Italy's announcement that former European Central Bank chief Mario Draghi was due to start talks with the country's divided political parties on Thursday to seek backing for a new government.
"Who if not him can manage this," asked Halver, calling Italy a "reform desert and a stability desert."
AUTO1, the top platform for buying and selling in Europe's 600-billion-euro market for used cars, will reap 1 billion euros from the sale of new shares, most of which will be ploughed into building its Autohero retail brand.
At 1:35 p.m. (1235 GMT), Auto1 shares traded for 53.28 euros.
(Production: Andreas Buerger, Michele Sani) - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None