Đinh Thoa (@Oanhvictory)

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Auto1 cofounders Christian Bertermann and Hakan Koc Auto1 This story is available exclusively to Insider subscribers. Become an Insider và start reading now.
Auto1 could IPO in Frankfurt next month, Insider understands. The SoftBank-backed used car platkhung may target a valuation north of $8 billion, higher than anticipated. Auto1 said Wednesday that it seeks lớn raise $1.2 billion, but did not give detail on a valuation. The mooted higher valuation comes amid strong performance from Auto1"s US competition.
Auto1 Group, a European platform for used car sales, could IPO in Frankfurt as early as next month at a higher-than-expected valuation, Insider understands from a well-placed source.

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The company has hired Goldman Sachs, Citi và BNP Paribas as global coordinators of its initial public offering, per Reuters.

During the third quarter of 20đôi mươi, the eight-year-old"s startup"s valuation was mooted at around €5 billion ($6.1 billion).

Insider now understands the valuation is likely to lvà north of $8 billion. The higher price target is thought to lớn reflect the company"s improved financials và the strong performance of its US competition.

Auto1 declined to lớn bình luận.

The company announced publicly on Wednesday that it planned khổng lồ float on the Frankfurt Stoông xã Exchange in the first quarter of 2021, aiming lớn raise €1 billion ($1.2 billion). It did not bình luận on valuation.

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Founded in 2012 by Christian Bertermann and partner Hakan Koc, Auto1 has so far brought in $1.4 billion in funding from investors including the SoftBank Vision Fund và is the top platsize for buying & selling in Europe"s approximately €600 billion ($730.5 billion) used oto market.

The company"s third quarter revenues were up 90% year-on-year, và the firm reported an 82% increase in the number of cars sold. The company also reported adjusted EBITDA of €16 million ($19.5 million), while gross profit margin grew from 9.5% to 11.3%.

Vroom, a US rival also founded in 2012, floated on the Nasdaq in June 2020 & initially surged from $22 IPO price khổng lồ more than double that. The nội dung price has since pared khổng lồ $38.89 (as of the close of trading on Wednesday) giving the company a market cap of around $5 billion.

Carvana, another publicly listed user oto company in the US, reported a revenue rise of 38% year on year in the third quarter of 20trăng tròn lớn $1.3 million. It trimmed its net loss khổng lồ $7 million for the quarter, from $30 million over the same period in 2019. The company has seen its share price skyrocket from $113 on the day Vroom went public to $289 — a 155% increase. Carvana now has a market cap of almost $50 billion.

The jewel in Auto1"s crown, & the reason investor excitement has risen, is its direct-to-consumer business Autoanh hùng. Autonhân vật is the company"s online used car sales service, similar to lớn UK service Cazoo & Carvana"s offering, which has seen tremendous growth in 20trăng tròn amid the coronavirus pandemic.

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