Auto1 Group SE: AUTO1 Group plans initial public offering (IPO) in Q1 2021
DGAP-News: AUTO1 Group SE
/ Key word(s): IPO
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AUTO1 Group plans initial public offering (IPO) in Q1 2021
Berlin, 13 January 2021 – AUTO1 Group SE (the “Company” and, together with its consolidated subsidiaries, “AUTO1 Group”) today announced its intention to list its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The planned offering is expected to comprise newly issued shares from a capital increase and existing shares as well as shares in connection with possible over-allotments (the “Offering”), covered by a greenshoe option provided by certain selling shareholders. The Company plans to complete the Offering in the first quarter of 2021, subject to market conditions. The Offering is envisaged as a public offer in Germany and private placements with institutional investors in certain jurisdictions outside Germany.
Christian Bertermann, CEO and co-Founder of AUTO1 Group: “Since founding AUTO1 Group in 2012 we have gone from strength to strength. Today’s announcement opens the next chapter for AUTO1 Group. We have a fantastic team and are fully focused on seizing the vast market opportunities ahead of us. The planned IPO is the next logical step to reinforce AUTO1 Group as the go-to online destination for buying and selling used cars in Europe. We intend to invest significantly over the next years to further strengthen our Autohero brand and operations to deliver the best experience to our customers. Our mission is to build the best way to buy and sell cars online.”
Markus Boser, CFO at AUTO1 Group: “AUTO1 Group has established a unique fully digital offering for buying and selling used cars, demonstrated its path to profitability and intends to utilize the liquidity from the intended IPO to invest in its continued transformation of the market. The planned IPO will support AUTO1 Group’s growth plans, including expanding our retail business Autohero, which we believe presents a huge opportunity that we can seize based on our existing platform.”
Clear leadership position and unique platform to create superior customer experience
AUTO1 Group was founded by Christian Bertermann and Hakan Koç in August 2012. In the following years, AUTO1 Group swiftly expanded its operations to more than 30 markets across Europe. Between 2014 and 2019, revenues grew rapidly at a CAGR of approximately 93% to €3,476 million. Under its well-known consumer brands such as wirkaufendeinauto.de and its equivalents in other markets, AUTO1 Group offers a compelling and technologically advanced online experience for consumers in ten European countries to sell their used cars quickly and at competitive, haggle free prices. In addition, the Company provides professional dealers with fast and convenient remarketing solutions, enabling these dealers to quickly market excess inventory at scale.
AUTO1 Group sells the cars it sources under two complementary offerings: Under its merchant brand AUTO1, it operates Europe’s largest wholesale platform for sales of used cars. These are sold via online auctions to more than 60,000 professional dealers across Europe. Under its retail brand Autohero, AUTO1 Group has created an easy, hassle free way for consumers to purchase used cars online. In nine European countries, Autohero offers consumers a large variety of attractive used cars at fixed prices, a compelling online customer experience and a convenient fulfillment process.
Vast market opportunity in a highly fragmented market with accelerating offline to online shift
Proven business model based on extensive data set, proprietary technology, pan-European fulfillment infrastructure, strong brands and superior customer experience
AUTO1 Group’s scalable fulfillment infrastructure comprises over 400 drop-off and pick-up locations in ten countries. In addition, the Company has longstanding relationships with third-party logistics services providers, who handle large-scale car transports and store inventory at more than 150 logistics compounds. Through its internal logistics team and third-party logistics partners, AUTO1 Group arranged for more than one million used cars to be transported or picked up by purchasers in 2019.
Growth prospects driven by Autohero opportunity in highly fragmented market
The Company targets gross proceeds from the placement of new shares of approximately €1 billion. It intends to invest approximately €750 million of the net proceeds from the Offering to further accelerate the growth of its business, especially of its Autohero offering through investments in marketing, personnel to support customers, an increase of working capital, branded transporters and additional refurbishment capabilities, to fund further operational investments, and to strengthen its balance sheet. The remainder is expected to be used to repay an existing convertible loan. Furthermore, an additional secondary component may be provided by pre-IPO shareholders to ensure additional trading liquidity in the aftermarket.
BNP Paribas, Citigroup, Goldman Sachs, and Deutsche Bank are acting as Joint Global Coordinators and Joint Bookrunners, with Barclays, HSBC, Numis Securities Limited, and RBC Capital Markets supporting the transaction as Joint Bookrunners, and Crédit Agricole Corporate and Investment Bank, COMMERZBANK, Mizuho Securities and Wells Fargo Securities acting as Co-Lead Managers.
For more information please visit www.auto1-group.com
AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Germany
This release may in the United Kingdom only be distributed to, and is only directed at, persons who are “qualified investors” within the meaning of Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity in shares of the Company is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of the Company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements. Moreover, it should be noted that all forward looking statements only speak as of the date of this release and that neither the Company nor BNP PARIBAS (“BNP PARIBAS”), Citigroup Global Markets Europe AG (“Citigroup”), Goldman Sachs Bank Europe SE (“Goldman Sachs”), Deutsche Bank Aktiengesellschaft (“Deutsche Bank”), Barclays Bank Ireland PLC (“Barclays”), HSBC Trinkaus & Burkhardt AG (“HSBC”), Numis Securities Limited (“Numis Securities Limited”), RBC Capital Markets (Europe) GmbH (“RBC Capital Markets”), Crédit Agricole Corporate and Investment Bank (“Crédit Agricole Corporate and Investment Bank”), COMMERZBANK Aktiengesellschaft (“COMMERZBANK”), Mizuho Securities Europe GmbH (“Mizuho Securities”) and Wells Fargo Securities, LLC (“Wells Fargo Securities”) (together, the “Underwriters”) assume any obligation, except as required by law, to update any forward looking statement or to conform any such statement to actual events or developments.
Each of the Company and the Underwriters and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise.
Certain sources of market data included in this release were prepared before the renewed outbreak of the COVID 19 pandemic and have not been updated for the potential effects of the ensuing developments. The Company and the Underwriters are not able to determine whether the third parties who have prepared such sources will revise their estimates and projections due to the potential further impact of COVID-19 on future market developments.
The Underwriters are acting exclusively for the Company and the selling shareholders and no-one else in connection with the planned offering of shares of the Company (the “Offering”). They will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company and the selling shareholders for providing the protections afforded to its clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
In connection with the Offering, the Underwriters and their respective affiliates may take up a portion of the shares offered in the Offering as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the international offering memorandum, once published, to the shares being offered, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or acquisition, placing or dealing by, the Underwriters and their respective affiliates acting in such capacity. In addition, the Underwriters and their respective affiliates may enter into financing arrangements (including swaps or contracts for differences) with investors in connection with which the Underwriters and their respective affiliates may from time to time acquire, hold or dispose of shares of the Company. The Underwriters do not intend to disclose the extent of any such investment or transactions, other than in accordance with any legal or regulatory obligations to do so.
None of the Underwriters or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this release (or whether any information has been omitted from the release) or any other information relating to the Company, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this release or its contents or otherwise arising in connection therewith.
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