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Axel Springer to float StepStone in 2022 with valuation of around 7 billion euros – source

By Reuters

MUNICH -German media company Axel Springer is aiming to list its online jobs site StepStone in Frankfurt at a valuation of around 7 billion euros, a person with knowledge of the matter said on Friday.

The listing is planned for the first half of next year, and Axel Springer has hired the French investment bank Rothschild as an advisor, the person added.

The initial public offering, which could easily exceed 1 billion euros, would be the first opportunity to raise additional value since the company was taken private by KKR in 2019.

Axel Springer bought Politico in August, and made headlines last week when it fired the editor-in-chief of its Bild newspaper for relationships with female staff.

Axel Springer and StepStone declined to comment on the IPO plans, but StepStone added: “To further support our sustainable growth, we are constantly reviewing all possible options.”

The Financial Times first reported the development.