German software firm TeamViewer debuts on the Frankfurt Stock Exchange
FRANKFURT - German software company TeamViewer drifted lower in its stock market debut on Wednesday after the remote connectivity specialist launched Europe’s biggest initial public offering of 2019.
The float, which valued TeamViewer at 5.25 billion euros, marks a rare tech debut on a Frankfurt market heavy with industrial and auto stocks. One trader said many investors viewed the IPO as expensive and that there was scepticism over the future intentions of Permira, which retains a 58% stake. The private equity house says it will remain a strategic investor.
The tool has been installed on 2 billion devices, with the company running a ‘freemium’ model that allows cost-free access for personal users while enterprise customers pay a subscription fee. Listed peers include Zoom Video Communications Inc, Okta Inc and Slack Technologies Inc, which listed on the New York Stock Exchange in June at a valuation of more than 50 times revenues.
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