Scout24 AG €1.025 billion Initial Public Offering, Germany
2015
STJ Advisors acted as independent advisor on the €1.025 billion Initial Public Offering of Scout24 AG, a leading operator of digital marketplaces specializing in the real estate and automotive sectors in Germany and other European countries. Listed on the Frankfurt Stock Exchange, the offering was priced in the top half of the range, for a market capitalisation of €3.225 billion, and was upsized by 17%. The deal was comprised of a primary offering, with proceeds used for debt reduction, and a secondary offering for selling shareholders Hellman & Friedman, Blackstone and Deutsche Telekom.
STJ advised the company and shareholders on all aspects of the IPO process – timing of the offering, syndicate selection, early-look investor meetings, pre-deal investor education, offer structure, valuation feedback analysis, bookbuilding tactics, sizing, pricing and allocations - including the first ever use in Germany of an upsize option with no prospectus recirculation.
