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Autotrader IPO

11 October 2015 |

AutoTrader, a British-based online marketplace for cars, sold 590,000,000 shares (worth 59% of the company) for 235 pence each. This gave the company a valuation of £2.35 billion. The private equity majority owners of AutoTrader, Apax Partners, decided to push ahead with an IPO as opposed to selling their stake to another buyer. This was in spite of interest from Hellman & Friedman.

On the first day of trading, AutoTrader shares rose to 265 pence, giving the company a market valuation of 2.65 billion. The prospectus of the IPO suggested that the floatation was motivated by a need to strengthen the financial position of the company by paying off debts. The IPO also enabled Apax Partners to raise £926.2 million.

Bank of America Merill Lynch, Deutsche Bank, J.P. Morgan, Morgan Stanley and Numis Securities provided financial advice in relation to the IPO.

Simpson, Thatcher & Bartlett LLP and Clifford Chance LLP provided legal advice in relation to the IPO.