Hg's MeinAuto sets IPO price range

This price range equates to a market capitalisation in the region of €1.2-1.5bn.

The company intends to generate gross proceeds of €150m from the IPO, with the aim of repaying its existing debt and supporting its future growth.

MeinAuto announced its intention to float in Q2 2021 in a statement issued in April, as reported. It intends to list on 12 May, according to a statement.

BofA Securities, Barclays Bank Ireland, Citigroup, Jefferies and UniCredit are acting as joint global coordinators and joint bookrunners.

Founded in 2007 and headquartered in Cologne, MeinAuto is an online platform that allows users to search and compare new cars, buying them in a fully digital sale process, with the vehicle subsequently delivered to them. The company generated €212m in adjusted revenues in 2020, compared with €191m in 2019. It reported adjusted EBITDA of €38m in 2020, compared with €31m in 2019.

Hg acquired MeinAuto in January 2018 via HgCapital 8, which held a final close in February 2017 on £2.5bn. The fund targets businesses with enterprise values of £100-500m, deploying equity tickets in the £100-250m range. The GP also invested £6.7m from its listed HgCapital Trust.

Hg formed Mobility Holding on the acquisition of MeinAuto. In March 2018, the GP used the holding company to acquire car fleet leasing company Mobility Concept from Unicredit Leasing, merging it with MeinAuto and deploying equity via the same HgCapital 8 fund.

The business first began to operate profitably in 2015. It recorded 16 million visitors to its website in 2018, compared with 26 million in 2020. The company now has a subscriber base of 44,000 users. MeinAuto employs 360 staff, compared with 70 when Hg first invested in 2018.

VC-backed Auto1, a used car sales platform, set its IPO price at €38 per share in February 2021, prior to listing with a market capitalisation of €7.9bn, as reported. At the time of publication, the company had a market capitalisation of €10.11bn.

Q2 2021 has seen three PE and VC-backed IPOs so far, the latest of which was Darktrace, as reported. To compare, Q2 2020 saw no PE or VC exits via IPOs in the European market, according to Unquote Data, reflecting the market uncertainty brought about by the coronavirus pandemic.

Other IPO processes currently underway in the DACH region include Cinven-backed Synlab, EQT-backed Suse, and Paragon's Apontis Pharma.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• DACH
• Consumer
• HgCapital
• IPO