AUTO1 sets price range, announces cornerstones
AUTO1, the online marketplace for secondhand cars, has revealed the price range on its Frankfurt IPO. Two cornerstone investors have committed to buy throughout the range.
The company is set to sell up to 31.25m new shares to raise proceeds of €1bn; it will use €750m of the proceeds to accelerate the growth of its business, especially in its retail offering, Autohero.
It expects to use the remainder to repay a convertible loan.Existing ...