(Bloomberg) -- German online car-parts dealer Autodoc has asked banks to pitch for roles on a potential initial public offering in Frankfurt, roughly three years after its previous listing attempt, people familiar with the matter said.
Banks recently received the request for proposals as Autodoc is looking to pick advisers in the coming weeks, according to the people, who asked not to be identified because the information is private. The German company’s valuation in an IPO could be much lower than the €10 billion ($11 billion) it was seeking in 2021, the people said. A listing could take place as soon as next year, they said.
Discussions are ongoing and details on the IPO, including valuation and timing, could change, the people said.
Autodoc is “currently engaged in ongoing strategic considerations” and a public listing is one of the preferred options, a representative for the company said in response to a Bloomberg News query. No final decisions have been taken, they said.
Autodoc sells auto parts across Europe via its online platform and has more than seven million active customers. It reported €1.3 billion in revenue in 2023 with more than 5,000 employees across 10 countries, according to its website. Apollo Global Management Inc. took a minority stake in Autodoc earlier this year at a valuation of €2.3 billion.
Autodoc made a previous listing attempt in 2021 at the height of an IPO boom in Europe, Bloomberg News reported at the time. In April, Chief Financial Officer Lennart Schmidt told German newspaper Handelsblatt that the company is reviving its IPO plans without giving a timeline.
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