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04 Feb 2021 | 13:49

Auto 1Group SE shares jump in Frankfurt stockmarket debut

(Sharecast News) - Shares of Germany's well-known digital used-car dealer Auto1Group SE shot higher on their first day of trading on the Frankfurt Stock Exchange. Market watchers were quick to note the possible positive implications for other European firms looking to float in 2021.

Auto1 stock ended the day 39.39% higher at €52.97 having briefly surged by 51% from its listing price, which was already at the top of the indicative range.

As per the company's website, under 1% of retail and wholesale vehicle transactions are carried out online in Europe, out of a total market opportunity of €700bn.

Whereas only seven outfits went public in 2020, raising a combined total of $1.3bn of new funds, the current year was shaping up to be a strong one for Deutsche Boerse.

Just the day before, Daimler AG said it was mulling a potential float of its truck unit and Vodafone said the initial public offering of its European mobile phone masts business remained "firmly on track".

Auto1 shareholder Softbank did not exit as part of the IPO, which netted the firm €1.8bn ($2.2bn).

Auto1 sells to professional clients through its eponymous brand and to retail ones via Autohero.

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