Rocket Internet IPO price hits top range

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Rocket Internet says it closed its IPO early due to demand Rocket Internet says it closed its IPO early due to demand[/caption] At the issue price of ?42.50 per share, and assuming the full exercise of the underwriting banks? option in connection with the over-allotment (the ?Greenshoe Option?), Rocket has a market capitalization of approximately ?6.7 billion. The offering was over-subscribed well in excess of ten times at the top end of the price range, the company further said. A total of 32,941,177 newly issued shares and an over-allotment of 4,941,176 shares have been allocated as part of the offering. Oliver Samwer, CEO and Founder of Rocket Internet, said, ?We are very pleased with the positive response we have had from investors and their confidence in the strength of our business model, track record and growth prospects. I believe Rocket Internet is extremely well placed to capture the opportunities for the growth of Internet commerce, particularly in the emerging markets, and to become the leading global Internet platform outside the US and China.? Napoleon L. Nazareno, PLDT President and CEO, said, ?We are delighted with the news that Rocket’s IPO was warmly received by investors. This affirms our belief in Rocket’s unique platform for establishing new Internet companies and proven track record in successfully rolling out these businesses in fast growing markets.? PLDT’s ownership stake in Rocket after the IPO will be 6.4 percent assuming the Greenshoe Option is exercised in full. Aside from PLDT, Rocket Internet?s existing investors include Global Founders, Investment AB Kinnevik, Access Industries, United Internet and HV Holtzbrinck Ventures as well as the cornerstone investors including funds managed by Baillie Gifford, and J.P. Morgan Securities. ]]>

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