Home
Internet
Internet News
Online Classified Ads Portal Scout24 Raises EUR 1.16 Billion in IPO

Online Classified Ads Portal Scout24 Raises EUR 1.16 Billion in IPO

By Agence France-Presse | Updated: 1 October 2015 16:02 IST

Scout24, a German Internet portal specialising in classified ads websites, said it raised more than EUR one billion from its stock market listing Thursday, despite a difficult market environment.

Scout24 said in a statement that the issue price for the placement of 38.4 million shares was set at 30 euros per share, raising a total of 1.16 billion in new funds which would be used to reduce debt and invested in expanding its business.

Set up in 1998, Scout24 owns the real estate classified ads portal ImmobilienScout24 and the used car portal AutoScout24.

It generated annual sales of 342 million euros last year.

Formerly owned by German telecoms giant Deutsche Telekom, its current shareholders include the funds Hellman & Friedman and Blackstone.

The share opened at EUR 30.75 in Frankfurt, but subsequently fell back to EUR 30.03.

The success of Scout24's initial public offering (IPO) contrasts with the difficulties faced by other would-be stock market debutants.

The polymers company Covestro announced earlier on Thursday that it would delay and scale down its planned IPO in the wake of the market volatility triggered by the massive Volkswagen pollution-cheating scam.

Media reports also suggest that the car parts supplier Schaeffler is finding it difficult to place its shares as a result of the VW scandal.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.