Shares in start-up company Auto1 listed at the upper end of the price range at initial issuing
In cooperation with Crédit Agricole, Metzler Bank was the only German private bank to accompany the IPO of Auto1 Group. The IPO took place on February 4 when Auto1's shares were listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. 48.2 million shares were issued at EUR 38 per share, which represented the upper end of the price range (EUR 32 to 38). This corresponded to an issue volume of more than EUR 1.8 billion.
Together with Crédit Agricole, Metzler Capital Markets was mandated to act as Co-lead Manager and provided know-how and access to investors for research and marketing purposes. Based on a detailed research report, Metzler Capital Markets informed German and international investors in around 60 meetings in the run-up to the IPO. The issue was oversubscribed ten-fold. Due to Auto1's strong positioning in the European market and good growth prospects, demand for the newly placed shares from Metzler clients alone would have been sufficient to successfully complete the first IPO in Germany this year.
Used car dealer Auto1 Group is a start-up company from Berlin. It was founded in 2012 by Christian Bertermann and Hakan Koç, who still jointly hold around 30% of the shares after the IPO. Auto1 employs over 4,000 people in 30 countries and trades more than 3,000 vehicles daily. Auto1 operates three internet platforms: Wirkaufendeinauto.de, AUTO1.com and Autohero. Cars are inspected and purchased in more than 120 Wirkaufendeinauto.de branches. AUTO1.com is an online B2B marketplace for buying and selling used cars that is utilized by more than 60,000 dealers in over 30 countries. Autohero is an online car dealer for premium used cars.
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