The owners of software maker TeamViewer are seeking to raise as much as $2.54 billion in Germany’s biggest technology initial public offering in almost two decades.
Private-equity firm Permira plans to sell as many as 84 million shares for 23.50 euros to 27.50 euros apiece via holding firm TigerLuxOne, the company said in a statement. TeamViewer stock is expected to start trading on the Frankfurt Stock Exchange on September 25, according to the statement.
While Germany has several established tech companies, including software giant SAP SE, there have been few sizable newcomers since chipmaker Infineon Technologies AG listed in 2000. TeamViewer is a bright spot in Europe, which has been contending with its worst IPO market in years.
The price range would give the company a market value of between 4.7 billion euros and 5.5 billion euros, the statement said. Bloomberg News previously reported the valuation could be 4 billion euros to 5 billion euros.
The free float, a measure of company stock available to trade, will be 30 percent to 42 percent, depending on the size of the IPO, according to the statement. Permira was looking to sell 30 percent to 40 percent of the company, people familiar with the matter have said.
TeamViewer Chief Executive Officer Oliver Steil cited “positive feedback we receive on TeamViewer’s unique business profile and growth prospects.”