German software firm TeamViewer to float on the stock exchange

FRANKFURT, Aug 28 (Reuters) - Private equity-backed German software company TeamViewer is planning to list on the Frankfurt stock exchange this year, the company said on Wednesday.

The initial public offering is expected to be completed by the end of 2019, subject to market conditions, TeamViewer said in a statement here.

The IPO is expected to consist of existing shares held by privacy equity firm Permira, the company added.

TeamViewer sells software for online meetings and remote desktop access, with over 20 million support sessions occurring daily on its platform.

People familiar with the deal have said in the past that about 30 percent of the firm’s shares could be floated, valuing the company at 4-5 billion euros. (Reporting by Arno Schuetze and Thomas Seythal)