Scout24, Germany’s largest digital classifieds company, sold €1 billion, or $1.1 billion, worth of new and existing shares and listed on the Frankfurt Stock Exchange, the Munich-based firm said on Thursday.
The owners of Scout24, U.S. private equity firms Hellman & Friedman and Blackstone, telecom operator Deutsche Telekom and employees, sold about 24 percent of the German firm’s share capital, excluding an option to sell extra stock.
After the listing, the firm, which operates Germany’s largest real estate website and Auto Scout 24, a digital marketplace for automobiles, is now valued at €3.2 billion.
But a good day of trading for Scout24 was a terrible one for two other key German firms also floating on the Frankfurt Stock Exchange.
Plastics maker Covestro, a spin off from drugs and chemicals producer Bayer, continued to suffer knock-on effects from the Volkswagen emissions scandal, which shocked investors and consumers around the world last week.