German real estate broker McMakler plans IPO, CEO says
Band Matthias Inverardi
DUESSELDORF, September 10 (Reuters) – German real estate broker McMakler is considering financing options, including a possible stock float, after deciding not to merge with a blank check company, founder and chief executive Felix Jahn told Reuters.
âAn IPO is an option for the future,â Jahn said, adding that he had considered and rejected a potential deal with a Special Purpose Acquisition Company (SPAC), adding that a listing in the States- United made no sense for Germany-focused McMakler. .
A PSPC is a blank check company that raises funds through an Initial Public Offering (IPO) for the purpose of merging with a private company, which then goes public. Most PSPCs have been listed in the United States.
âWe are looking closely at all financing options,â he said, adding that building a decent business is much more important than planning an IPO.
McMakler, in which the buyout group Warburg Pincus holds around 10% of the capital, was valued at around 400 million euros in a roundtable in November.
The company employs 430 real estate brokers and expects to achieve sales of more than 100 million euros this year, Jahn said, adding that the losses would exceed the 19 million recorded in 2020, due to high investments.
McMakler is betting on a combination of technology with in-person agents and expects the trend of apartment video tours to continue even after the COVID-19 pandemic has ended.
(Reporting by Matthias Inverardi Writing by Arno Schuetze; editing by David Evans)
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