Member Article

Manchester-based Auto Trader Group IPO valued at £2.35 bn

Manchester-based Auto Trader Group, the online car retail company has had its IPO (initial public offering) valued at £2.35 bn

Following the announcement by Auto Trader Group of its intention to proceed with an IPO the company have now announced the successful pricing of the offer at 235 pence per share.

The offer will comprise of 590m Shares representing 59% of the company’s issued share capital.

The proceeds from the IPO, alongside new bank facilities and existing cash will be used to repay the Groups outstanding debt.

The selling shareholders, which are two companies wholly-owned by Apax Europe VII, will receive approximately £962.2m from the proceeds.

Deutsche Bank, as stabilising manager, has been granted the Over-allotment Option over up to 88.5m Shares, representing 15% of the Shares comprised in the Offer.

This was posted in Bdaily's Members' News section by Sophia Taha .