Germany-based e-commerce services provider Global-E Online has filed to raise up to $100m in a US initial public offering that would enable postal service Deutsche Post to exit.
Global-E’s online platform allows local merchants to sell goods to customers internationally without friction, using tools that convert prices and information into local languages in addition to payment options that suit the market of the buyer.
The company converted a $7.5m net loss in 2019 into a $7.9m net profit last year while more than doubling its revenue to $137m.
Red Dot Capital Partners, a fund overseen by Singaporean state-owned investment firm Temasek, provided $20m in funding for Global-E in 2016, before private equity firm Apax Partners’ AMI Fund supplied an additional $20m two years later.
Deutsche Post invested $9.2m in the company in April 2020 alongside a $50m commitment by internationally-focused investment firm Vitruvian Partners, according to the IPO filing. It lists all four investors as owning stakes sized at 5% or higher, without giving precise details.
Goldman Sachs, Morgan Stanley, Jefferies, Piper Sandler, JMP Securities, KeyBanc Capital Markets and Raymond James & Associates are the underwriters for the offering, which is set to take place on the Nasdaq Global Select Market.
