Woori BMO Group Comments on SoftBank-Backed Auto1 Planning to Raise $1.2 Billion in IPO

TORONTO, ON / ACCESSWIRE / January 15, 2021 / Woori BMO Group has today commented on German online car trading platform Auto1 Group GmbH as it plans to list on the Frankfurt Stock Exchange in the first quarter of 2021 and raise around EUR 1 billion ($1.2 billion).

Headquartered in Berlin, the eight-year-old business enables consumers and car dealers in Europe to buy and sell used cars online. It claims that it sold over 615,000 vehicles and generated sales of EUR 3.5 billion throughout 30 countries in 2019.

“Once listed in Frankfurt, Auto1 could be valued at more than 6 billion euros,” commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group.

Christian Bertermann and Hakan Koc founded the Berlin-based company in 2012. “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,” Bertermann said in a statement on Wednesday.

While Auto1 is not yet profitable, in a statement CFO at Auto1 Group, Marcus Bosser, said the company has “demonstrated its path” to profitability.

“SoftBank, the Japanese tech giant, invested EUR 460 million in Auto1 in January 2018, valuing the firm at EUR 2.9 billion. At the time, SoftBank took a 20% stake in the firm,” commented Andrew Williams, Director of Institutional Equity at Woori BMO Group.

SoftBank plans to launch at least six of its portfolio companies this year, solidifying a 2020 turnaround that raised Masayoshi Son’s technology giant’s value to the highest since the dot-com boom, according to researchers at Woori BMO Group,

Among its startup firms heading for IPOs are Indonesian online mall operator PT Tokopedia, South Korean e-commerce innovator Coupang Corp. and China’s ride-hailing titan Didi Chuxing. That follows last year’s successful launches of DoorDash Inc. and KE Holdings Inc.

About Woori BMO Group

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

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SOURCE: Woori BMO Group

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