United Internet subsidiary Ionos plans IPO in Q1 (updated)

United Internet AG

17/01/2023 08:41

(Adds shares, quote, detail)
    By Emma-Victoria Farr and Hakan Ersen
       BERLIN/FRANKFURT, Jan 17 (Reuters) - United Internet
 UTDI.DE  subsidiary Ionos said on Tuesday it would undertake a
prime standard listing of its shares this quarter on the
Frankfurt Stock Exchange, as the web hosting company readies for
an initial public offering (IPO).
    The offered shares are expected to come from the holdings of
the subsidiary's two existing shareholders, United Internet and
Warburg Pincus, with United Internet to retain a majority stake
after the IPO, Ionos said.
    United Internet shares were up 1.8% to 22.23 euros in early
Frankfurt trading. 
    The intention to float document did not provide details on
the target issue price or the number of shares to be offered.
Investor meetings will begin on Tuesday.
    A source familiar with the matter told Reuters last week
that Ionos could achieve a valuation of 5 billion euros ($5.42
billion) in a stake sale.
    "Sales growth of more than 15% in the past year and a
long-term EBITDA margin target of an incredible 30% should
arouse investors' curiosity," said Jürgen Molnar, strategist at
Brokerage RoboMarkets. 
    ($1 = 0.9234 euros)
 (Reporting by Emma-Victoria Farr and Hakan Ersen in Frankfurt,
writing by Rachel More; editing by Miranda Murray and Jason
Neely)
 ((rachel.more@thomsonreuters.com;))