Rocket Internet is the largest Internet platform outside the United States and China – a goal founder and CEO Oliver Samwer spent on the Internet incubator. With the upcoming IPO, more than 1.6 billion euros are fresh capital collected . An hour after the start of the subscription period for the Rocket-share order books were filled once after bank details. After a record-IPO online giant Alibaba in New York holds the euphoria of investors – it now also benefits the widely ramified Exchange aspirant Rocket. The business model behind it: Rocket produced start-ups according to the modular system, often after already successfully running models, and exporting them to developing countries. Copying of business ideas is often criticized and has introduced the brothers to the reputation of the Copycats.
The Finance
With Zalando went on one October. A Rocket offshoot of the stock market, Rocket itself follows a day later. The incubator was indeed dropped out a year ago in which e-commerce companies, the Samwer brothers are more concerned about its Global Capital Fund at Zalando. Zalando made it just before the IPO yet to slip in the black numbers , though scarce. Anders Rocket: In the first six months of the current year, the Berlin-based company made 13.3 million euros Loss .
The owner
Almost a quarter of Rocket Internet should be placed on the exchange. The diluted shares the existing shareholders – and leads to a turning point: The Samwer brothers Marc, Oliver and Alexander, the Rocket from 2007, built up together and thus of founders were to investors, lose by step their majority at Rocket. Their share declines from well 52 to almost 40 percent.
Investments
The most important new companies under the roof Rocket – divided in the prospectus in “Proven Winners” and “Ermer Ching Stars” – wrote last year losses . The value of its eleven largest investments estimated Rocket with almost 4.5 billion euros. The shares of the incubator to the eleven “Proven Winners” is between 21.4 and 49.5 percent . The most valuable start-up among the holdings of Rocket Internet is considered active in South America fashion distributors Dafiti . He is in total valued at 778 million euros, which accounted for Rocket proportion of which 177 million euros. Last year, he recorded a loss of 67 million euros. Among the smaller companies in the portfolio of start-up wrought no financial data were also published in the prospectus .
The IPO
originally wanted Rocket at 9 go October. IPO, pulled the start date but shortly after the issue of the prospectus relating to one week ago. As a base called the company’s exceptionally high demand from investors . For the shares before a price range of 35.50 euros to 42.50 euros had been set. If the paper traded for the first time to the maximum price, Rocket would trigger a stock market value of about 6.7 billion euros – and would thus be more valuable than Dax companies such as Lufthansa . Rocket itself indicates the value of his company holdings with 2.6 billion euros, the rest was justified by the value of the platform itself . This bill is seen by experts critical. Just as the decision that Rocket will be stock market debut, after all, the largest in Germany for seven years, not in prime but in Entry Standard . About This eliminates the obligation to publish quarterly figures.
The risks
In the prospectus of Rocket Internet are listed for the future investors more than 50 Risks . Among these:
- “Almost all our companies have a limited history of their commercial, currently making significant losses and have a negative operating cash flow, require a high capital investment and may never be profitable his or zahlungsmittelgenerierend. “
- ” Due to our global expansion, especially in a large number of emerging markets, we are political, economic, legal and other risks and uncertainties. “
- ” The Issuer [Rocket Internet AG, Note d.. Red.] was by Oliver Samwer, the current Chairman of the Issuer, co-founded and continues to rely on his leadership. conflicts of interest between Oliver Samwer and we can arise and there can be no guarantee can be given that Oliver Samwer us continue devoting his time and labor. “
Conclusion: Who buys shares of Rocket Internet, is alone on the promised growth prospects. The substance of the company can not justify nearly the high rating. An investment for gamers.
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