German startup incubator Rocket Internet has announced that it plans to launch an initial public offering (IPO) on the Frankfurt Stock Exchange by the end of this year. Through this offering, Rocket Internet plans to raise around €750 million (around $969 million) in gross proceeds. It also noted that this offer will consist solely of new shares and none of the existing shareholders will sell any shares as part of this offering for at least 12 months. Rocket Internet shareholders currently include Global Founders (the investment vehicle of Oliver Samwer, the founder and CEO of Rocket, and his brothers), Investment AB Kinnevik, Access Industries, Philippine Long Distance Telephone Company, United Internet and HV Holtzbrinck Ventures and some of their affiliates. The company is yet to disclose the starting price or how many shares will be offered through this IPO, although a source-based Reuters report suggests that Rocket Internet is looking to float a stake of just below 15% in the company. Rocket Internet mentions that it plans to initially apply for trading on Frankfurt Stock Exchange's Entry Standard segment and then move to the General or Prime Standard segment in the next 18-24 months. Berenberg, J.P. Morgan and Morgan Stanley will act as Joint Global Coordinators of the Offer. It will also act as joint bookrunners with BofA Merrill Lynch, Citigroup and UBS Investment Bank. Use of Proceeds: The company plans to use the IPO proceeds to launch new businesses and provide further investment to its existing network of companies. Since its launch in 2007, Rocket Internet claims to have…
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