GIC-backed LeasePlan plans to seek IPO valuation of up to $8.7b

The LeasePlan Corp. logo sits on flags flying outside the car leasing and contract automobile hire company's headquarters in Almere, Netherlands, on Monday, July 27, 2015. Photo: Jasper Juinen/Bloomberg

LeasePlan Corp., Europe’s largest operator of vehicle fleets, plans to seek a valuation of as much as 7.5 billion euros ($8.7 billion) through an initial public offering in Amsterdam, according to a person familiar with the matter.

The terms of the offering may be announced in coming days, though no final decision has been made and LeasePlan’s owners may yet decide to delay or cancel the IPO, the person said, asking not to be identified as the deliberations are confidential. The valuation isn’t final and may change depending on investor feedback, the person said.

A representative for LeasePlan declined to comment. The Amsterdam-based company is poised to kick off its IPO plans with a tour to meet institutional investors starting this week, the FD newspaper reported on Wednesday, citing people it didn’t identify.

“LeasePlan continues to explore various strategic alternatives, including an initial public offering,” the company said in August. The firm’s liquidity and capital position “remain strong,” it said at that time.

LeasePlan, which has about 1.8 million vehicles under management in more than 30 countries, resells used cars in Europe through its CarNext.com business and also operates an online savings bank in the Netherlands and in Germany.

The firm’s owners include Abu Dhabi Investment Authority, Denmark’s ATP pension fund, Singapore’s GIC Pte and Broad Street Investments, Dutch pensions service provider PGGM and private equity firm TDR Capital, according to its 2017 annual report.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.