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October 23, 2006
Online Tire Vendor To Raise €38M In IPO
VC-backed Delticom, the German tire ecommerce company, plans to float this week on the Prime Standard in Germany. The IPO is expected to raise about €38M, if it goes out in the middle of the bookbuilding range. The companies implied valuation will be €131M. If demand is strong, old shareholders will sell about €14M worth of shares (including greenshoe).
This seems like a fairly low valuation for a company that did €129M in sales last year with a 60 percent growth rate. Maybe it was a relatively narrow margin that brought it down: its pre-tax profit was €5.6M.
Founded in 1999, this one has been very much a founder driven company, despite it raising €3M in 2000 in venture capital from DVC (Deutsche Venture Capital) back in 2000. The two founders plan to remain major shareholders post-IPO. DVC owns 10 percent of the company's shares. The founders together own about 78 percent.
Read - Price range for Delticom shares fixed between 33 and 45 EUR (euro adhoc)
Read - Delticom Mulls IPO (a:c euro)
Posted on October 23, 2006 06:24 AM | Posted to News And Updates | Online services | eCommerce | Permalink
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