Auto Trader opens London Stock Exchange as largest IPO of the year
- Auto Trader largest company to list on London Stock Exchange, to date, in 2015
- IPO raises £1.39 billion, largest fund raising since 2013, valuing Auto Trader at £2.35 billion
- Trades up 10 per cent from offer price
London Stock Exchange today welcomes Auto Trader Group plc, the UK’s largest digital automotive marketplace, to the Main Market. The IPO successfully raised £1.39 billion, the largest fundraising since 2013, giving the company a market valuation of £2.35 billion, the biggest IPO in London in 2015. To mark the occasion, Auto Trader’s longest serving employee, Kate Roberts, opened London trading this morning.
There have been 25 IPOs on London Stock Exchange this year, raising £3.39 billion, with an average post IPO performance of 11 per cent.
Tom Attenborough, Head of UK Large Cap Primary Markets, London Stock Exchange Group, said: “The success of today’s IPO reinforces London Stock Exchange’s confidence in the health of the IPO pipeline, particularly amongst strong UK brands. We are delighted to continue to provide issuers with access to high quality permanent capital and today we warmly welcome Auto Trader, Trevor Mather and his team to our markets.”
Trevor Mather, Chief Executive of Auto Trader, said: “Auto Trader is known across the UK & Ireland as the digital marketplace for buying and selling vehicles and we work hard every day to balance the needs of the vehicle retailers, helping them sell more vehicles and make more money, and the general public, helping ease the process of what should be an exciting moment in their lives – buying their next vehicle.
“I feel truly privileged to lead this business and I am very proud of our employees who have built an incredibly strong and trusted brand together with a hard working and innovative digital culture. I am both confident and hugely enthusiastic about our future, as we embark on the next stage of our growth as a public company.”
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors’ unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.
The Group is a global leader in indexing and analytic solutions. FTSE and Russell Indexes offer thousands of indices that measure and benchmark markets around the world. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, Proquote and RNS.
Following the acquisition of Russell Investments, LSEG conducted a comprehensive review of the investment management business to analyse its strategic fit with the Group. This was concluded in February 2015, and LSEG is now exploring a sale of the business in its entirety.
London Stock Exchange Group is a leading developer of high performance trading platforms and capital markets software for customers around the world. In addition to the Group’s own markets, over 35 other organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.
Further information on London Stock Exchange Group can be found at www.lseg.com