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PE-backed Ionos eyes €3.15B public valuation after Euro IPO drought

The German web hosting company could be Europe’s largest IPO this year as it seeks a €3.15B valuation.

Ionos, a German web hosting company backed by Warburg Pincus, is seeking a valuation of as much as €3.15 billion (around $3.42 billion) as it looks to go public on the Frankfurt exchange—potentially making it the first PE-backed European IPO this year.

It follows a dismal year for PE-backed IPOs. According to PitchBook’s 2022 Annual European PE Breakdown, there were just 17 PE-backed public offerings in Europe in 2022 versus 143 the previous year, as investors were put off by public market volatility triggered by surging inflation and the war in Ukraine. Ionos’ listing will be the largest European IPO since carmaker Porsche went public in September at a €78 billion valuation.

 


Warburg Pincus and United Internet hold 24.9% and 75.1% of the company, respectively. Each is offering 15% of their respective stake in the company, with a target price of €18.50 to €22.50 per share. The float could net the investors over €573 million if all the shares plus the allocated over-allotment are sold. Warburg Pincus picked up its stake in Ionos in 2016 for an undisclosed sum.

The offer period is expected to run from Jan. 30 until Feb. 7, with the shares admitted on the Frankfurt exchange the following day, subject to regulatory approval.
Featured image by picture alliance/Getty Images

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