Blackstone-backed Scout24 lists in €3.2bn IPO

Scout24 began trading on the Frankfurt stock exchange on 1 October. The flotation opened at €30 per share but stock fell by €1.70 by the end of the day.

The IPO saw Scount24 raise €1.16bn in proceeds, issuing 38 million shares. A capital increase of 7.6 million shares contributed gross proceeds of €228m.

Most of the earnings from the IPO will go to the company's backers. Hellman & Friedman and Blackstone held a 70% stake in Scout24 prior to the IPO, which they bought from Telekom two years ago. Telekom and the company's management held the remaining 30%. Following the IPO, the majority investors now hold 45.7% and Telekom 12.1%. The lockup period is 12 months. 

Scout24's debt is estimated to sit at around €950m. Part of the IPO proceeds could go towards lowering leverage.

Credit Suisse and Goldman Sachs International acted as joint global coordinators and joint bookrunners. Barclays, Jefferies and Morgan Stanley were joint bookrunners.

Company
Scout24 is a digital marketplace running two platforms, ImmobilienScout24 for real estate and AutoScout24 for cars.The business is based in Munich and was founded in 1998 by Christian Mangstl and Joachim Schoss.

The first half of 2015 saw Scout24 generate a €187.6m turnover, with an EBITDA of €84.6m. In the 2014 financial year, the company reported a turnover of €342m and EBITDA of €149m.

People
Greg Ellis is the CEO of Scout24. Patrick Healy is deputy chairman of Hellman & Friedman.

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

• Topics
• DACH
• Exits
• Technology
• IPO
• Blackstone Group