DGAP-News

AUTO1 Group sets price range for planned IPO at €32.00 to €38.00 - Seite 2

The final offer price will be determined by way of a bookbuilding process. The period during which investors may submit purchase orders is expected to commence on 26 January 2021 and to expire on 02 February 2021. Trading of the Company's shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange is expected to commence on 04 February 2021 under the trading symbol AG1 and the ISIN DE000A2LQ884.

The Offering consists of a public offering in Germany and private placements in certain jurisdictions outside Germany. It comprises 31,250,000 newly issued bearer shares from a capital increase against cash contributions (the "New Shares") and 15,625,000 existing bearer shares (the "Existing Shares") from pre-IPO shareholders. Subject to certain conditions, two cornerstone investors have agreed to purchase offer shares with an aggregate value of €300 million at the offer price. To cover a possible over-allotment, certain selling shareholders have granted an option for the acquisition of up to 7,031,250 shares (the "Over Allotment Shares") at the offer price. The total number of Over-Allotment Shares will not exceed 15% of the sum of the New Shares and Existing Shares actually placed in the Offering.

The Company targets gross proceeds from the placement of new shares of approximately €1 billion. It intends to invest approximately €750 million of the net proceeds from the Offering to further accelerate the growth of its business, especially of its Autohero offering through investments in marketing, personnel to support customers, an increase of working capital, branded transporters and additional refurbishment capabilities, to fund further operational investments, and to create a cash reserve for unforeseen financing needs. The remainder is expected to be used to repay an existing convertible loan.

At the low end of the price range the Company would achieve its gross proceeds target by issuing 31,250,000 New Shares. If a higher offer price is set, the number of New Shares issued by the Company would be reduced accordingly.

Christian Bertermann, CEO and co-Founder of AUTO1 Group: "We have received positive feedback on our intention to list AUTO1 Group on the Frankfurt Stock Exchange. Our planned IPO is the next logical step to continue positioning AUTO1 Group as the go-to online destination for buying and selling used cars in Europe. We look forward to broadening our investor base as we plan to invest significantly over the next years to further strengthen our Autohero brand and operations to deliver the best experience to our customers."