AMSTERDAM – Shares in Italian software maker MotorK slumped nearly 10% on Friday, the first day of trading after their initial public offering on Amsterdam Euronext,
MotorK, whose software helps car dealerships manage their digital presence, as well as with sales and marketing, raised 75 million euros ($86 million) in the offering, selling a 36.4% stake in the company.
The shares were at 5.90 euros at 1323 GMT, down 9.2% from the IPO price of 6.50 euros, which valued the company at 261 million euros.
CEO Marco Marlia said proceeds would go to R&D and growing the business by “pursuing organic and inorganic growth to drive market share gains, as evidenced by our recent acquisitions in France and Spain.”
According to the company’s prospectus, it posted a loss of 2.55 million euros on revenue of 15.2 million for the six months ended June 30, improving from a loss of 3.39 million euros and revenue of 12.1 million euros in the same period of 2020.
MotorK has 300 employees and offices in Italy, Spain, France, Germany, Portugal and Israel.
The listing is the 20th on Euronext Amsterdam to date in 2021. Berenberg was global coordinator of the issue, with ABN Amro as joint bookrunner and underwriter.
($1 = 0.8679 euros)
(Reporting by Toby Sterling; Editing by Mark Potter)