Rocket Internet shoots straight back to market

Caitlin Morrison
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RECENTLY floated e-commerce firm Rocket Internet is planning to raise capital by issuing new stock representing 7.8 per cent of its outstanding share base.

Rocket said yesterday that it will issue up to 12m new shares which will then begin trading on 17 February.

The new shares will be offered exclusively to institutional investors in a private placement by way of an accelerated bookbuilding process and will carry full dividend rights as of 1 January 2014.

According to Rocket, existing major investors Baillie Gifford and United Internet have confirmed their participation at the yet-to-be-determined placement price for an aggregate amount of around €210m (£156m).

The Berlin-based company’s flotation last October failed to meet expectations, with stock opening at €42.50 but falling immediately by 10 per cent, however shares have since gained by over 45 per cent.

In the past week, the firm has announced several investments in various online food and grocery businesses, including UK-based HelloFresh and Germany’s Delivery Hero.