World’s biggest internet startup incubator Rocket Internet debuted in Frankfurt Stock Exchange and raised over 1.6 billion euros. The shares opened at €42.5 a share and followed a down trend in the next 6 hours. At the end of the first day, the shares traded almost 13% less than the opening price, which puts the market value of the company slightly over €6 billion.
The opening figure would value RI at around €6.7 billion, which is almost half a billion more than RI’s expectation. The new shares bear the same rights as shares held by current Rocket shareholders, according to the press release. The IPO is the largest European offering ever.
The money raised with the IPO will be used in the financing of global expansion of RI startups. 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.
Oliver Samwer, the founder and CEO of Rocket Internet, said previously “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.”