Hg-backed MeinAuto postpones IPO

MeinAuto announced its intention to float in April 2021, as reported.

The IPO had been expected to take place on 12 May 2021. However, the company announced the postponement in a statement issued on 11 May, citing "currently adverse conditions for high-growth companies".

The IPO was fully allocated after the first day of bookbuilding and was oversubscribed, the company said in the same statement.

The statement added that MeinAuto and Hg remain committed to listing the company once market conditions stabilise.

MeinAuto was expected to be valued at around €2bn, Reuters reported in March 2021.

BofA Securities, Barclays Bank Ireland, Citigroup, Jefferies and UniCredit were 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, following which they can buy their vehicle online. The company generated €212m in adjusted revenues in 2020, compared with €191m in 2019. It posted €38m in adjusted EBITDA in 2020, versus €31m in 2019.

Q2 2021 has already seen five PE-backed IPOs, according to Unquote Data. A strong Q2 has brought the total number of IPOs to date in 2021 to 16, far surpassing the six such exits seen over the course of 2020.

Although the markets have largely stabilised since the worst of the coronavirus uncertainty in Q2 2020, which saw no PE-backed IPOs at all, it remains to be seen how or whether inflation expectations might change the timeline for other PE-backed businesses that are currently planning to float.

Other sponsor-backed businesses currently in the IPO pipeline include Finatem's Germany-based motor, bike and electrical gears precision parts producer HGears, as well as Bain's Parts Holding Europe, which is based in France.

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