Rocket Internet shares surge after report on delisting plans

The logo of of Rocket Internet, a German venture capital group is pictured in this September 24, 2014 illustration photo in Sarajevo. REUTERS/Dado Ruvic/File Photo

Shares in German ecommerce investor Rocket Internet jumped more than 7% on Thursday after a magazine reported that Chief Executive Officer Oliver Samwer is planning to delist the company to make more autonomous investment decisions.

The supervisory board of Rocket Internet has discussed the project, Manager Magazin said. It said the most likely scenario was for Rocket Internet to buy back shares using cash on hand of 3.6 billion euros ($4.07 billion) in the company’s treasury.

Holding on to his shares would see Samwer increase his stake to at least 75% from 44% currently.

A spokeswoman for Rocket Internet declined to comment on the report.

It was uncertain whether United Internet and investment company Baillie Gifford, which hold 9% and 7%, respectively, were willing to sell their stakes, Manager Magazin added.

Before Thursday’s share price surge, the company had a market value of 3.7 billion euros. The shares had lost more than 20% since July last year, when they reached a three-year high.

Within months of the initial market listing in late 2014, the company’s market value had ballooned to 9 billion euros.

Part of the rationale behind Samwer’s plans is his preference to use Rocket as a vehicle to make stealth invests in ventures without having to comply with the disclosure obligations of a listed group, the magazine said.

After a shaky start in 2014, the group has successfully listed a raft of firms including Delivery Hero, HelloFresh and Home24.

Reuters

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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.