VC-backed Home24 prices €600m IPO

The flotation priced at the higher end of the €19.5-24.5 range that was set at the start of June; by mid-morning on 15 June shares were trading at €29.92.

The primary offering consisted of 7,500,001 new shares including a greenshoe, generating gross proceeds of €175m for the business.

Rocket Internet placed an order of €22m in order to keep its shareholding above the 30% threshold post-IPO. In total, 28.9% of the company's share capital was placed in connection with the offering.

Rocket Internet and Kinnevik held stakes of 41% and 17% in the business, respectively, prior to the IPO.

Berenberg, Citigroup and Goldman Sachs International acted as joint global coordinators and joint bookrunners for the flotation.

Previous funding
Rocket Internet, Kinnevik and Holtzbrinck took part in a seed round for Home24 in May 2012.

Holtzbrinck divested its stake in the business along with its stakes in six other portfolio companies to Rocket Internet in August 2014 in exchange for a 2.5% stake in Rocket Internet itself.

Rocket Internet and Kinnevik also took part in a further €20m funding round in April 2016, alongside unnamed new investors.

Company
Home24 is an online furniture store based in Berlin. The company's platform combines two distinct business models. Its third-party and white-label business offers products for the home and living markets. These items are usually not kept in stock by Home24. It also runs a private-label business, which features the bestsellers from other manufacturers.

The company increased its revenues to €85m in the first quarter of 2018, which corresponds to a growth rate of 30% year-on-year. For the same period, it reported an adjusted EBITDA margin of -6%, up from -32% in 2015.

People
Home24 – Marc Appelhoff (co-CEO).

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