Rocket Internet says may float some of its start-ups
The German start-up incubator Rocket Internet, which is to go public next month, said Wednesday it may list some of the companies it is nurturing in the future.
"It may be that some of our larger companies which we've financed directly in the past ... will be listed over time. But that'll be the exception rather than the rule," founder and chief executive Oliver Samwer told a news conference.
Rocket Internet, which was set up in 2007, plans to raise up to 1.48 billion euros ($1.9 billion) via its own initial public offering (IPO) on October 9. It hopes to use the cash to "fund future growth opportunities".
"For us, the clear focus is on increasing the value of our operating companies. We'll only sell non-core assets, companies which don't fulfil our criteria. But it'll be the exception," Samwer said.
Rocket Internet's IPO is to consist solely of new shares from a capital increase, which will be priced at between 35.50-42.50 euros apiece, valuing the company at around 6.2 billion euros.
Investors have from September 24 until October 7 to apply for shares, with the final price to be fixed at the end of the subscription period.
Incubators nurture start-ups or companies in their early years by providing them with technical and financial support.
In a statement, the company said it "intends to invest in some of its younger companies, with a view to build out and maintain majority ownership positions in these selected younger companies also over the longer term".
None of Rocket Internet's existing shareholders -- Global Founders, the investment vehicle of Samwer and his brothers; Investment AB Kinnevik, Access Industries, Philippine Long Distance Telephone Company, United Internet and HV Holtzbrinck Ventures -- plan to sell any of their shares.
© 2014 AFP