CVC-backed DKV Mobility suspends IPO plans -sources (updated)
10/10/2023 13:30
(Adds context, background paragraphs 6-11)
By Emma-Victoria Farr and Alexander Hübner
FRANKFURT, Oct 10 (Reuters) - Germany's DKV Mobility has
postponed its planned stock market listing until next year in
view of an uncertain market environment, two people familiar
with the matter told Reuters.
The IPO of the on-road payments provider had been planned
for this month in a deal that could have valued the business at
more than 4 billion euros ($4.23 billion).
The company had planned to raise between 500 million and 1
billion euros for its shareholders, as reported by Reuters.
The Ratingen family owners and DKV's minority shareholder,
financial investor CVC, are in no hurry to carry out an IPO,
said one of the people. The mood for new issues has become
blurred since September, the other person added.
DKV Mobility, which has not yet publicly announced its IPO
plans, and CVC both declined to comment.
Last week's last minute cancellation of tank supplier Renk's
IPO has cast a shadow over share sales in the region.
Hopes had been raised earlier in September when
pharmaceutical packaging manufacturer Schott Pharma 1SXP.DE
listed successfully in Frankfurt. Its shares were trading around
32.50 euros on Tuesday, 20% above its issue price.
Meanwhile in New York, the IPO of German shoe brand
Birkenstock BIRK.N is on target with shares expected to be
allocated on Tuesday
at the upper end of the price range at $49.
DKV Mobility is known for its fuel payment cards, which
truck drivers use to pay their fuel bills and tolls. It handled
transaction volumes of 17 billion euros last year.
In 2018, private equity firm CVC
bought
a 20% stake in the business for around 400 million euros.
JPMorgan JPM.N , Bank of America BAC.N and UBS
UBSG.S are advising on the transaction.
($1 = 0.9453 euros)
(Reporting by Alexander Huebner and Emma-Victoria Farr, editing
by Friederike Heine and Chizu Nomiyama)
((emma-victoria.farr@thomsonreuters.com;))