German start-up incubator Rocket Internet to go public
The German start-up incubator Rocket Internet announced on Wednesday that it intends to list its shares on the Frankfurt stock exchange in an initial public offering (IPO) later this year.
Rocket Internet, which was set up in 2007 by Germany's Samwar brothers, said in a statement that it plans to raise "approximately 750 million euros ($970 million) via the offering which would be used to "fund future growth opportunities."
"Taking our company public is the next step in our journey to build the world's leading Internet platform outside of the United States and China," said chief executive Oliver Samwer.
The IPO will consist solely of new shares from a capital increase.
Incubators are companies which nurture start-ups or companies in their early years, and Rocket Internet says it employs more than 20,000 people in 100 countries.
"All existing shareholders of Rocket Internet will remain invested and will not sell any shares as part of the offering," the company said.
Currently, the shareholders consist of Global Founders -- the investment vehicle of Oliver Samwer and his brothers; Investment AB Kinnevik, Access Industries, Philippine Long Distance Telephone Company, United Internet and HV Holtzbrinck Ventures.
Last week, Europe's biggest online fashion retailer Zalando said it is also planning an IPO on the Frankfurt stock exchange later this year.
© 2014 AFP