FRANKFURT -- German used-car trading platform Auto1 plans to list on the Frankfurt stock exchange, the company said on Wednesday.
Auto1, the top platform for buying and selling in Europe's 600-billion-euro market for used cars, said that it aims to raise about 1 billion euros ($1.2 billion) in the flotation from new shares.
The deal could value the Berlin-based company at more than 5 billion euros, people close to the matter said.
Founded by Christian Bertermann and partner Hakan Koc in 2012, the company has won backing of $1.4 billion according to Crunchbase, including from the SoftBank Vision Fund.
While it has no direct peers in Europe, investors are expected to compare it to U.S. competitors such as Carvana, Vroom and Carmax.
Goldman Sachs, Citi, Deutsche Bank and BNP Paribas are organizing the IPO as global coordinators with the help of Barclays, HSBC, Numis, RBC, Credit Agricole, Commerzbank, Mizuho and Wells Fargo.
