MeinAuto Group AG, an online platform for digital new car sales in Germany, Monday said it has set the price range for its planned initial public offering at 16 euros to 20 euros per share.
The price range implies a total market capitalisation for MeinAuto of 1.2 billion euros to 1.5 billion euros.
MeinAuto expects gross proceeds of 150 million euros from newly issued ordinary shares at the low end of the price range.
The offering is subject to approval of the prospectus by the German Federal Financial Supervisory Authority or BaFin and publication of such prospectus.
The offering is intended to comprise 9.4 million newly issued ordinary bearer shares from a capital increase and 11.0 million existing ordinary bearer shares from Hg, a software and services
investor.
The Selling Shareholder will grant a Greenshoe Option of up to 3.4 million ordinary bearer shares to cover possible over-allotments.
The offer period is expected to begin on May 4 and is expected to end on May 11. Trading of the shares on the regulated market of the Frankfurt Stock Exchange is expected to commence on May 12 under the trading symbol MEIA.
The company mainly intends to use the proceeds for further growth, including investments in online marketing and branding, as well as expanding its vehicle subscription pool and partially repaying existing debt facilities.
For comments and feedback contact: editorial@rttnews.com
