Rocket Internet is preparing for the biggest IPO of this year in Germany. The company has announced today the details of its planned initial public offering on the Frankfurt Stock Exchange, putting the price range for each share between €35.50 and €42.50. The listing at the stock exchange is scheduled for 9 October 2014, with the offer period expected to take place between 24 September and 7 October.
The German internet juggernaut will offer up to 33 million newly issued shares from a capital increase, which will equal to 24 percent of the all shares following the IPO. Additional 5 million shares are to be offered in connection with a potential over-allotment facility. Existing shareholders will not sell any shares in the IPO.
The company expects to collect around €1.48 billion from the offer. If actualized, this will put the market value of the company at over €6.16 billion ($7.92 billion).
The new shares will be of the same class and bearing the same rights as shares held by current Rocket shareholders, according to the press release. The company says there are already commitments for share purchases, with Baillie Gifford & Co. promising to invest €350 million, and J.P. Morgan Securities LLC has committed to invest €100 million.
Oliver Samwer, Founder and CEO of Rocket, said, “We believe Rocket has a unique opportunity to participate in the growth of Internet commerce in emerging markets. Through our operating platform, we are building and scaling the Internet giants of tomorrow. We are taking proven eCommerce business models to over 75% of the world’s population and around 75% of its mobile users, who all live in countries outside the United States and China.”
Founded in 2007, Rocket has evolved into a network of original or cloned startups in more than 100 countries on five continents with more than 20K employees.