Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

German software firm TeamViewer expected to price in upper half of range - bookrunner

German software firm TeamViewer expected to price in upper half of range - bookrunner
The headquarters of the German company Team Viewer is seen in Goeppingen, Germany September 14, 2019. REUTERS/Michael Dalder -
Copyright
MICHAEL DALDER(Reuters)
Euronews logo
Text size Aa Aa

FRANKFURT (Reuters) – German software company TeamViewer is expected to price its initial public offering in the upper half of the range, one of the bookrunners said on Monday, indicating that one of Europe’s largest IPOs of the year remains on track.

The deal values the company at up to 5.3 billion euros (4.69 billion pounds) and is Germany’s only sizeable 2019 listing https://tmsnrt.rs/2JdLpxr besides VW truck unit Traton.

“Books are multiple times oversubscribed throughout this range and above”, the bookrunner said in a note to investors ahead of Tuesday’s close of the books, adding that pricing guidance was 25.50–26.50 euros per share.

TeamViewer sells software for online meetings and remote desktop access, with more than 20 million support sessions taking place each day on its platform. Unlike many other tech companies going public, TeamViewer is already profitable.

The private-equity backed firm had offered its shares at between 23.50 and 27.50 euros apiece with the free float ranging from 30% to 42% of the firm’s shares depending on the total offer size. The first day of trading is planned for Sept. 25.

Permira bought TeamViewer for 870 million euros in 2014 and Permira’s Germany head Joerg Rockenhaeuser said that the investor wanted to remain a major shareholder after the IPO.

TeamViewer says that its addressable market, currently worth 10 billion euros, will grow to 30 billion in 2023, as companies invest in digitally controlling their production machines and the trend of employees working from home intensifies.

Listed peers include Zoom Video Communications Inc, Okta Inc and Slack Technologies Inc, which listed on the New York Stock Exchange in June at a blockbuster valuation of more than 50 times its revenues.

(Reporting by Arno Schuetze, editing by Thomas Escritt)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.