Hg-backed MeinAuto Group, the company behind German car marketplace MeinAuto.de, has set the price range of its planned public offering at €16-20 ($19-24 U.S.) per share, giving the company a market capitalization of €1.2 billion to €1.5 billion ($1.4-1. billion U.S.). The company plans to start trading on May 12.

MeinAuto Group aims to raise minimum gross proceeds of €150 million ($181 million U.S.) from the newly issued shares, aiming to finance future growth with its planned Frankfurt IPO.

“The MeinAuto Group IPO is well on track and we are excited by the positive feedback we have received on our unique value proposition and growth prospects,” said Rudolf Rizzolli, CEO of MeinAuto Group. “Our planned listing is an important step to build on our position as the leading online platform for digital new car sales in Germany.”

The company said the maximum offer size will be €412 million to €515 million, representing 35% of the outstanding share capital of MeinAuto Group.

The group, set up by software and services investor Hg, runs one of Germany’s largest online portals for buying new cars, attracting around 26 million users a year. MeinAuto reported FY 2020 revenues of €212 million ($250 million U.S.).

BofA Securities, Barclays Bank Ireland Plc, Citigroup, Jefferies and UniCredit Bank are overseeing the deal.

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