VC-backed Auto1 announces IPO pricing

The IPO is expected on 4 February 2021.

The listing involves the placement of 26,315,790 new bearer shares, as well as 15,625,000 existing bearer shares and 6,291,118 overallotment shares, according to a statement.

Auto1 expects that 23.2% of its share capital will be placed in connection with this offering.

The company expects to generate proceeds of €1bn and a market capitalisation of €7.9bn, the same statement said.

The statement also confirmed that Sequoia Capital and Lone Pine will each acquire offer shares with an aggregate value of €150m at the offer price.

BNP Paribas, Citigroup, Goldman Sachs and Deutsche Bank are acting as joint global coordinators and joint bookrunners, while Barclays, HSBC, Numis Securities and RBC Capital Markets are also acting as joint bookrunners, Auto1 said in the same statement.

Crédit Agricole, Commerzbank, Mizuho Securities and Wells Fargo Securities are acting as co-lead managers.

Auto1 was founded in 2012 and received a seed investment from Cherry Ventures in January 2013.

Piton Capital led a series-A, series-B and series-C round for Auto1 in 2013 and 2014. The firm then led a $118m series-D round for Auto1 in April 2015, which also saw participation from DN Capital.

In May 2017, Princeville, Baillie Gifford and Target Global led a €360m series-E funding round for Auto1. JP Morgan, Goldman Sachs, Barclays, Citi, BNP Paribas and BHF Bank also participated in the round, which incorporated a mix of debt and equity.

Softbank led a €460m round for Auto1 in January 2018, investing via its first Vision Fund to acquire a 20% stake in the company. The round valued Auto1 at €2.9bn, compared with €2.5bn at the time of its series-E in 2017.

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