German software company TeamViewer’s initial public offering is expected be securing its price in the upper half of the range that software maker was hoping to be getting, as said the bookrunner on Monday, which indicates that the IPO will be remain on track which will be occurring as one of the biggest IPO in Europe this year.
In its note to investors, bookrunner said that the books are already oversubscribed many fold in that range and above of that, and made the price guidance for company’s shares between 25.50 and 26.50.
This means that company has been valued at 5.3 billion euros ($5.84 billion) which makes the deal as only sizeable deal in Germany this year.
Germany saw a smooth series of IPOs last year, but stock market listings slowed in 2019 with only Volkswagen truck unit Traton being the only noticeable IPO of the year.
TeamViewer is in a business of selling software for remote desktop access and online meetings and support session taking place on its platform have been reached above 20 million per day. And contrary to the many of other companies went through or going to be public, TeamViewer is already making profits.
The private-equity backed firm has set an offer period to run from Sept 12 to Sept 24 with availability of its shares at the price of 23.50 and 27.50 euros per share in Frankfurt, with plans of Sept 25 being first day of trading publicly.
Depending on the issue price and total number of shares to be offered, company was in expectation of getting gross proceeds of between 1.41 billion to 2.31 billion euros, with an expectation of company to be getting a total market valuation of between 4.7 billion and 5.5 billion euros while expecting the free float to be in the range of 30% to 42% of its shares.
TeamViewer was bought by Permira in 2014 for 870 million euros and Joerg Rockenhaeuser, Permira’s Germany head, said equity firm is in intentions of remaining the major shareholder in TeamViewer even after the IPO.