Autos

SoftBank-backed online car dealer Auto1 to go public in first quarter

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Christopher Furlong | Getty Images

LONDON — German online car trading platform Auto1 on Wednesday announced it is planning to list on the Frankfurt Stock Exchange in the first quarter of 2021.

It is aiming to raise approximately 1 billion euros ($1.2 billion) from newly-issued shares in an initial public offering.

The eight-year-old company, which is headquartered in Berlin, allows consumers and car dealers in Europe to buy and sell used cars on the internet. It claims that it sold over 615,000 cars and generated 3.5 billion euros in revenue across 30 countries in 2019.

Japanese tech giant SoftBank invested 460 million euros into Auto1 in 2018 in January 2018, valuing the company at 2.9…



Source cnbc.com

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