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(Bloomberg) — United Internet AG has picked a slew of banks for the planned initial public offering of its web hosting business Ionos Group, people familiar with the matter said.
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The German firm has selected JPMorgan Chase & Co., Deutsche Bank AG, Berenberg and BNP Paribas SA to lead the offering as joint global coordinators, the people said, asking not to be identified discussing confidential information. It plans to seek a market capitalization of around €4 billion ($4.1 billion) for Ionos, the people said.
Goldman Sachs Group Inc., Morgan Stanley and Barclays Plc are working on the deal as joint bookrunners, while DZ Bank AG, Commerzbank AG and LBBW were selected as co-lead managers, the people said. Ionos is aiming to sell shares in the first half of next year, according to the people.
United Internet said in September it plans to engage an international group of banks as part of preparations for an IPO of Ionos in 2023. Buyout firm Warburg Pincus is a long-time backer of the business and owns almost 25%.
Shares of United Internet rose as much as 7.6% on Friday, the biggest intraday gain in more than a year. The stock was up 3.4% at 10:17 a.m. in Frankfurt, giving the company a market value of €3.9 billion.
Ionos is set to meet investors for a capital markets day on Nov. 15. Deliberations are ongoing, and details of the potential offering could change, the people said.
Representatives for United Internet, Barclays, Berenberg, BNP, Commerzbank, Deutsche Bank, Goldman Sachs, JPMorgan, LBBW and Morgan Stanley declined to comment, while a spokesperson for DZ Bank didn’t immediately respond to a request for comment.
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Ionos operates 32 data centers and has more than 6 million customers, with a focus on offering hosting and cloud services for small- and medium-sized enterprises in Europe, according to an October presentation. It’s growing faster than some competitors, increasing revenue 18% in the first half of this year,…
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