The Scout24 Group share ended its third trading day on the Frankfurt Stock Exchange at €29.92, just below its issue price of €30 on Oct. 1. At €30 the company had a market cap of €3.2 billion.

Just more than two years ago Hellman&Friedman and Blackstone paid Deutsche Telekom about €1.5 billion for 70 percent of Scout24 Group, in a deal that valued the company at about €2.2 billion at the time. So, it’s been a lucrative exercise for all parties to the deal – including past and present managers.

Thirty-odd minutes after trade-start on Oct. 1, the Scout24 AG share traded for the first time at €30.75. Then it was dragged down by a negative overall market and has since not traded at, or above, its issue price of €30. But, market observers have been positive in their assessment of the listing and price development till now.

The shareholders pre-listing provided for an over-allotment of shares in case demand warranted it (the so-called greenshoe option). It is still unknown to what extent this option had been exercised, if at all. So, we can’t give a final and exact picture of the shareholding structure yet. Here is what it would have looked like today (A) with no over-allotment, and (B) with the greenshoe option fully exercised.

                                                (A) With no greenshoe    (B) With full exercise of greenshoe

Hellman&Friedman/Blackstone                49.0%                                        45.7%
Deutsche Telekom                                         13.5%                                         12.1%
Past and present managers                           6.3%                                           6.3%
Free float                                                          31.2%                                         35.9%

Even with a full exercise of the greenshoe option, Hellman&Friedman, Blackstone and Deutsche Telekom will still be in control of the company, as per the agreement we referred to here.

Christo Volschenk