The Internet car dealer MeinAuto canceled its planned IPO in Frankfurt at the last minute. The first issue of the securities planned for Wednesday will be postponed, the company announced on Tuesday.
MeinAuto and its owner, the British financial investor Hg, have agreed on this. "The reason for this are the currently unfavorable market conditions for high-growth companies," said the press release. As soon as the market conditions stabilize, they want to make a new attempt. MeinAuto is the first listing this year whose issue has been put on hold.
IPO should bring in 150 million euros
The financial investor Hg merged the Cologne start-up Meinauto.de with some other smaller companies in 2018. MeinAuto offers more than 500 new car models from 40 brands on its online platforms. The focus is on subscription models with services.
The start-up had actually planned to raise at least 150 million euros of capital with the IPO in order to finance the further expansion of the business. Experts had expected that the company could be valued by investors as early as the stock market launch with a value of more than one billion euros.
One reason for the withdrawal could also be the current clouding mood on the stock exchanges: After weeks of soaring, the Dax share index slipped significantly into the red at the start of the week in Frankfurt. On Tuesday he lost more than two percent in the meantime.
The German Linux software company Suse and the e-bike gear manufacturer hGears are currently also trying to attract investors as part of their IPOs. The online used car dealer Auto1, the radio tower operator Vantage Towers and the laboratory chain Synlab were still favorably received by investors on the stock exchange, even if Synlab had to cut the issue volume.