SoftBank-Backed Auto1 Plans to Raise $1.2 Billion in IPO
- Auto1 could be valued at over 6 billion euros including funds
- SoftBank would benefit from yet another IPO windfall
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German online car dealer Auto1 Group GmbH plans to raise about 1 billion euros ($1.2 billion) in an initial public offering in the first quarter, paving the way for backer SoftBank Group Corp. to eventually cash in its investment.
Auto1 will plow about 750 million euros of the proceeds back into the business, in particular its Autohero.com used-car platform. Following the Frankfurt listing, the company could be valued at more than 6 billion euros, people familiar with the matter said, declining to be identified because the information is private. Auto1 didn’t comment on the valuation.