Online dealer Cazoo is considering an IPO

News

Date: 22.02.2021

Cazoo Ltd., the British online used car platform backed by some of the world’s best-known investors, is weighing plans for an initial public offering in London, according to people familiar with the matter.

The U.K. firm is reviewing the merits of an IPO this year after the successful listing of German online used-car dealer Auto1 Group SE, which surged in trading after raising 1.8 billion euros ($2.2 billion) earlier this month, the people said.

Deliberations are in the early stages and no final decision has been made, according to the people. Cazoo has also attracted takeover interest from special purpose acquisition companies, one of the people said.

A representative for Cazoo said the company didn’t comment on market rumors and would make an announcement regarding any IPO at the appropriate time.

Cazoo buys and restores used cars before selling them online, delivering them direct to its customers’ homes. It has generated revenue of more than 200 million pounds ($280 million) since launching in 2019, according to a spokesman.

In October, Cazoo completed a 240 million-pound funding round from investors including D1 Capital Partners and BlackRock Inc., taking the total amount it has raised to 450 million pounds. That round valued the company at more than $2 billion. 

The article was prepared based on the information: Bloomberg

 

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