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Auto1 cofounders Christian Bertermann & Hakan Koc Auto1 This story is available exclusively khổng lồ Insider subscribers. Become an Insider và start reading now.
Auto1 could IPO in Frankfurt next month, Insider understands. The SoftBank-backed used car platkhung may target a valuation north of $8 billion, higher than anticipated. Auto1 said Wednesday that it seeks to lớn raise $1.2 billion, but did not give sầu detail on a valuation. The mooted higher valuation comes amid svào performance from Auto1"s US competition.
Auto1 Group, a European platsize for used car sales, could IPO in Frankfurt as early as next month at a higher-than-expected valuation, Insider understands from a well-placed source.

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The company has hired Goldman Sachs, Citi và BNPhường Paribas as global coordinators of its initial public offering, per Reuters.

During the third quarter of 20trăng tròn, the eight-year-old"s startup"s valuation was mooted at around €5 billion ($6.1 billion).

Insider now understands the valuation is likely to l& north of $8 billion. The higher price target is thought to reflect the company"s improved financials và the strong performance of its US competition.

Auto1 declined lớn phản hồi.

The company announced publicly on Wednesday that it planned khổng lồ float on the Frankfurt Stoông chồng Exchange in the first quarter of 2021, aiming to lớn raise €1 billion ($1.2 billion). It did not comment on valuation.

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Founded in 2012 by Christian Bertermann and partner Hakan Koc, Auto1 has so far brought in $1.4 billion in funding from investors including the SoftBank Vision Fund và is the top platform for buying and selling in Europe"s approximately €600 billion ($730.5 billion) used car market.

The company"s third quarter revenues were up 90% year-on-year, và the firm reported an 82% increase in the number of cars sold. The company also reported adjusted EBITDA of €16 million ($19.5 million), while gross profit margin grew from 9.5% to 11.3%.

Vroom, a US rival also founded in 2012, floated on the Nasdaq in June 2020 and initially surged from $22 IPO price lớn more than double that. The share price has since pared lớn $38.89 (as of the cthua thảm of trading on Wednesday) giving the company a market cap of around $5 billion.

Carvana, another publicly listed user oto company in the US, reported a revenue rise of 38% year on year in the third quarter of 2020 to lớn $1.3 million. It trimmed its net loss lớn $7 million for the quarter, from $30 million over the same period in 2019. The company has seen its nói qua price skyrocket from $113 on the day Vroom went public to lớn $289 — a 155% increase. Carvana now has a market cap of almost $50 billion.

The jewel in Auto1"s crown, và the reason investor excitement has risen, is its direct-to-consumer business Autohero. Autoanh hùng is the company"s online used car sales service, similar lớn UK service Cazoo & Carvana"s offering, which has seen tremendous growth in 2020 amid the coronavi khuẩn pandemic.

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