• Company could be valued at about 400 million euros post-IPO
  • Online drugstore may list about 50 percent of the company

German online drugstore Shop-Apotheke BV is planning to announce an initial public offering as early as next week to tap growing Internet demand for over-the-counter drugs and personal care products in Europe, people familiar with the matter said.

The Frankfurt listing could value Shop-Apotheke at about 400 million euros ($451 million) after the IPO, the people said, asking not to be named as the details aren’t public. Citigroup Inc. and Joh. Berenberg Gossler & Co. KG are managing the share sale, which may float about 50 percent of the company, the people said. No final decision has been made on timing, they said.

It’s been a slow year for IPOs in Germany with local companies raising $320 million from the sales, compared with $3.6 billion in the same period last year, according to data compiled by Bloomberg. Amid economic and political uncertainty, potential sellers, including IVG Immobilien AG, are considering selling assets outright instead of listing.

Spokesmen for Berenberg, Citigroup and Shop-Apotheke declined to comment.

Apotheke’s revenue has increased by about 50 percent annually in the past few years and reached 125 million euros in 2015 as the online market for the company’s products expanded. The company, which was founded about 15 years ago as a website for a pharmacy in Cologne, Germany, has its corporate headquarters in Venlo, Netherlands.

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