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MANILA, Philippines – Citing high demand, German startup incubator Rocket Internet AG will close early its initial public offering (IPO), one of its current shareholders said on Monday, September 29.
In a disclosure to the Philippine Stock Exchange (PSE), Philippine Long Distance Company (PLDT) said Rocket Internet will end its IPO on Wednesday, October 1, instead of an earlier announced date, October 4.
“Due to exceptional investor demand across all points of the price range, (Rocket Internet) has decided to accelerate the timetable for its IPO,” PLDT said in the disclosure.
About 32.9 million newly-issued shares have been sold in Germany, Luxembourg, and other jurisdictions since September 24.
An additional 4.9 million shares are also up for sale “in connection with a potential over-allotment facility.”
PLDT chairman Manuel Pangilinan announced on August 7 that it bought 10% of Rocket, but the stake was diluted to 8.6% with the entry of Europe’s Internet specialist United AG.
PLDT said the company plans to publish its listing of Rocket Internet shares and trade on the Frankfurt Stock Exchange on Thursday, October 2.
PLDT’s stake in the German firm is worth €333 million ($428.39 million*), making this venture its biggest overseas investment to date.
Its entry in Rocket Internet gave PLDT’s chief executive officer Napoleon Nazareno a seat at the startup incubator’s supervisory board.
On September 26, Nazareno said the telecommunications giant plans to roll out its mobile money services through the foreign company next month.
“Rocket is our immediate usage connection,” Nazareno said.
Apart from PLDT and United AG, current shareholders of the company consist of Global Founders, the investment vehicles of Oliver Samwer and his brothers; Investment AB Kinnevik, Access Industries, United Internet; and HV Holtzbrinck Ventures.
However, they are barred from selling their shares in the IPO due to a 12-month lock-up commitment they have signed with Rocket Internet. – with reports from Mick Basa/Rappler.com
(*€1=$1.29)
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