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December 11, 2006
OpenBC/Xing : The €157M Social Network
In what the investment bankers said was an over-subscribed bookbuilding, OpenBC, the social network for business executives - now called Xing, raised €35.7M in its IPO in Frankfurt late last week.
It's share price has been stable since and its market cap is about €157M. Not bad for a three year old company that generated about €6M in revenues this past year.
It was a partial exit for the firm's venture backers. It raised one round of venture capital about a year ago in a deal led by Wellington Partners, and including early angel investors (total deal value was €5.7M). Wellington's share of that round gave it an 18 percent stake in OpenBC, which translates into about €28M based on the firm's current market cap.
The VC realized about half of its investment in the IPO and retains a 9 percent stake post-IPO. So we can assume Wellington's partners are happy with the outcome so far, especially considering the length of time it took to realize the return.
Read - Angaben Zur Erstnotierung (Deutsche Boerse)
Posted on December 11, 2006 10:31 AM | Posted to News And Updates | Permalink
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