CVC-backed DKV Mobility eyes next week launch for IPO –sources
27/09/2023 12:59
By Alexander Hübner, Pablo Mayo Cerqueiro and Emma-Victoria
Farr
FRANKFURT/LONDON, Sept 27 (Reuters) - Germany's DKV
Mobility plans to push forward with plans to list on the
Frankfurt Stock Exchange as soon as next week, in a deal that
could value the on-road payments provider at more than 4 billion
euros ($4.22 billion), people familiar with the matter told
Reuters.
The company aims to raise between 500 million and 1 billion
euros for its shareholders, including private equity group CVC
Capital Partners, said the people, who spoke on condition of
anonymity. DKV is set to announce its intention to hold the IPO
as soon as next week, the people said.
No final decision has been made and plans are subject to
change, they cautioned.
DKV Mobility and CVC declined to comment.
DKV Mobility would be the third company to attempt an
IPO in Germany after the summer lull, on the heels of medical
vials producer Schott Pharma and defense contractor Renk.
The United States has seen a flurry of new listings this
month, but share prices have come down after an initial rally.
Grocery delivery group Instacart closed below its IPO price
on Tuesday, just days after its market debut. Arm Holdings is
trading slightly above its issue price after rising 25% on its
first day as a publicly listed company.
DKV Mobility offers business-to-business on-road payments
services and handled transaction volumes of 17 billion euros
last year.
The company sees Edenred EDEN.PA , Fleetcor FLT.N and WEX
WEX.N as its closest comparables for valuing its share
offering, which are all trading up year to date, the people
said.
($1 = 0.9473 euros)
(Reporting by Alexander Hübner, Pablo Mayo Cerqueiro and
Emma-Victoria Farr; Editing by Anousha Sakoui and Anil D'Silva)
((Pablo.MayoCerqueiro@thomsonreuters.com;))