Auto Trader, which is a British based online marketplace for new and used cars, confirmed its share offer price for the launch of its IPO today.
In a regulatory statement Auto Trader said shares are priced at 235p each, making the total market capitalisation at £2.35 billion ($3.49 billion). It is releasing 590,000,000 shares worth 59% of the Company’s issued share capital.
Auto Trader added that it hopes to raise approximately £437 million of net proceeds from the listing, after deducting £23.3 million from the underwriting costs and other fees and expenses of the IPO.
Auto Trader is solely focused on the UK and Ireland car market. It has one of the strongest brand recognition levels in the UK car industry. According a HPI Brand Tracker survey, conducted between October and December last year, 92% of Britons said they knew who Auto Trader is and what it does as a business………
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