Frankfurt (Reuters) – The start-up financiers Rocket Internet has overnight 550 million euros in fresh capital worried and wants to increase its shareholdings on.
The Berliner Exchange newcomer went convertible bonds that can be exchanged with rising share prices in Rocket Internet shares. On the stock market led to a sharp fall by 15 percent to less than 35 euros – to the delight of buyers of convertible bonds. Because at what price is worth for them the exchange in Rocket shares, based on the average price of the paper on Wednesday.
Compared to this reference price of the course during the seven-year period must rise by 35 percent, so that the exchange of the bondholders is attractive. The share is significantly below the issue price of 42.50 euros at the IPO in autumn 2014. is interest on convertible with 3.0 per cent, at the top of the offer range, as the accompanying bank JPMorgan announced on Wednesday. Replace all the signatories of the bond, Rocket Internet has to increase its capital by more than six percent.
Rocket must have at its money to the investments the most developed to the and best on a majority stake – – or to start new businesses and to fund the most promising portfolio companies to increase. The capital hunger of venture capital financing company is large: After the 1.4 billion-euro IPO Rocket had collected more nearly 600 million euros of new capital in February. Cash and cash equivalents beginning of the year but melted by 700 million to 1.3 billion euros. After the start-up companies write all still in the red.
At the AGM the end of June, the Executive Board to Oliver Samwer had therefore taken far-reaching decisions of stock to shareholders. This could increase the capital of Rocket Internet within five years to around 2.5 billion euros and spend more convertible bonds. [ID: nL8N0Z91KN]
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