German e-commerce incubator-cum-investor Rocket Internet held a road show in Berlin for its possible initial public offering (IPO) later this year on the Frankfurt stock exchange, says a report by The Wall Street Journal, quoting unnamed sources. The firm is looking to raise more than $4 billion from the share sale.
The incubator is working with Berenberg, JPMorgan Chase & Co. and Morgan Stanley on the share sale. Rocket Internet’s investor Investment AB Kinnevik is also backing the move.
Earlier, there was report that Rocket Internet was planning an IPO at $4 billion valuation.
Founded in 2007 by the Samwer brothers (Marc, Oliver and Alexander), Rocket Internet is of the largest internet incubators in the world. It has created over 100 companies in over 50 countries, dozens of which have been exited successfully.
The firm is headquartered in Berlin, and operates a network of 25 international Rocket offices, covering all relevant developed and emerging markets. Its primary focus is on building proven, transaction-based business models in the online and mobile space.
Rocket Internet already has a sizable presence in Asia, including India. Its Indian ventures include Jabong.com, CupoNation, FabFurnish, Foodpanda, PrintVenue, OfficeYes and 21Diamonds. Some of these are multi-geography properties with a separate India online property.
Last July, Rocket Internet had raised $500 million in a fresh round of funding led by Investment AB Kinnevik and Access Industries.
In April this year, Doha-headquartered telecom provider Ooredoo (erstwhile Qatar Telecom or QTel) formed a 50-50 joint venture (JV) with Rocket Internet to create and develop businesses across online retail, marketplaces and payment services in Asia.