(Reuters) - German used-car trading platform AUTO1 on Monday set a range of between 32 and 38 euros per share for its initial public offering, implying that its Frankfurt flotation will raise at least 1.5 billion euros ($1.83 billion).
AUTO1 said it would issue 31.25 million new shares, worth at least 1 billion euros, and invest 75% of that into its Autohero brand, which it wants to expand into the leading fully-digital car retailer in Europe.
Existing shareholders will sell another 15.625 million shares, AUTO said in a statement.
The subscription period starts on Tuesday and runs until Feb. 2, opening this year’s IPO market in Germany. AUTO1’s first day of trading on the Frankfurt Stock Exchange will be Feb. 4.
Reporting by Zuzanna Szymanska in Gdansk, Editing by Douglas Busvine and Edmund Blair
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