Car marketplace Auto1 plans billions in proceeds with IPO

The vehicles are to be delivered to Auto1’s customers.
Image: Company

The Berlin online used car dealer wants to raise around 1 billion euros with its long-planned market debut. A large part of this is to be used for future growth. The company is known for its portal

D.he Berlin-based online used car dealer Auto1 plans to raise gross revenues of around one billion euros in the course of a long-awaited IPO. To this end, new shares are to be issued in Frankfurt in the first quarter. The company announced this on Wednesday. From the remaining net amount, around 750 million euros are to be put into growth, the rest is expected to be used to repay an existing convertible bond. In addition, current shareholders want to sell shares.

Founded in 2012, the company operates in more than 30 countries. In 2019, Auto1 reportedly sold more than 615,000 vehicles and achieved a turnover of around 3.5 billion euros. Now, with the fresh money, the company wants to continue to benefit from the trend towards online business in the used car trade. “We want to invest significantly in the next few years to further expand our Autohero brand and our operational business,” said co-founder and Auto1 boss Christian Bertermann, according to the announcement.

Auto1 is known to consumers through its online portal, among other things. The IPO of Auto1 was expected for a long time. The last talk was of a valuation of up to five billion euros for the company.

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