Corporate-backed venture firm and incubator Rocket Internet set the range for its initial public offering yesterday between €32.50 ($41.55) and €42.50 ($54.35) per share.
Should Rocket Internet place the maximum number of shares at the mid-range, it will raise almost $1.9bn in the offering, valuing the company at about $7.9bn. That mid-range target is around twice the $970m target it set for the IPO only two weeks ago.
The proceeds will support further growth and development for Rocket Internet, which incubates and funds start-up companies in emerging markets based on e-commerce business models already shown to be successful elsewhere.
Rocket Internet’s investors include retail chain Tengelmann, publisher Georg von Holtzbrinck, conglomerate Access Industries, internet company United Internet and telecommunications firm Philippine Long Distance Telephone Company.
The firm released the details shortly after one of its portfolio companies, online fashion and beauty retailer Zalando, set the range for an IPO of its own, which could raise up to $813m.