Permira-backed TeamViewer IPO oversubscribed

TeamViewer announced its intention to float on the Frankfurt Stock Exchange at the end of August, and recently set a price range of €23.50-27.50, implying a market cap of up to €5.5bn.

The offering period is set to run from 12-24 September with the first day of trading planned for 25 September.

TeamViewer is projecting a 2019 cash EBITDA figure in the region of €177-183m from sales of €310-320m.

Permira purchased TeamViewer for an enterprise value of €870m in 2013, drawing equity from its fifth fund. This valuation was around 8.5x its 2013 EBITDA, according to reports at the time.

Founded in 2005 and headquartered in Göppingen, TeamViewer is a remote collaboration platform that has been installed on two billion devices, with 340 million active in 2018 and 45 million online concurrently. It employs 800 people.

Goldman Sachs and Morgan Stanley are joint global coordinators and joint bookrunners. Bank of America Merrill Lynch and Barclays are joint bookrunners, and RBC is co-lead manager. Lilja & Co is acting as independent adviser to TeamViewer.

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