Stu­dy: Rocket Inter­net — IPOs at the expen­se of inves­tors

The busi­ness model of Rocket Inter­net is to found inter­net-based start-ups or to par­ti­ci­pa­te in such ven­tures, to sup­port them in many ways and to take them public after a few years. Rocket Inter­net has ear­ned a lot of money from this in the past years and inves­tors have lost a lot. Three issu­ers of the last three years brought the inves­tors a loss of assets of more than 1.4 bil­li­on €. The share­hol­ders of Rocket Inter­net are not doing any bet­ter — the share pri­ce has fal­len by about 43% com­pa­red to the issue pri­ce. The pro­spects for Rocket Inter­net are poor: the qua­li­ty of the cur­rent port­fo­lio means that no fur­ther IPOs can be expec­ted, at least in Ger­ma­ny, in the medi­um term. Perhaps the real rea­son for the plan games to with­draw from the stock mar­ket.

  • Qua­li­ty of issu­ers from Rocket Internet’s port­fo­lio is steadi­ly decli­ning
  • Issu­ers usual­ly not rea­dy for an the stock exchan­ge
  • Beren­berg bank leads in all loss-making IPOs
  • Three issu­ers des­troy­ed inves­tors’ assets of more than €1.4 bil­li­on in terms of mar­ket capi­ta­li­sa­ti­on

Blätt­chen & Part­ner has sub­jec­ted the five issu­ers from Rocket Internet’s port­fo­lio to a cri­ti­cal ana­ly­sis. No issu­er had a posi­ti­ve result at the time of the IPO, and four issu­ers have not done so to date. This also app­lies to the cur­rent IPO of the Glo­bal Fashion Group – fur­ther pri­ce los­ses for inves­tors are to be expec­ted. On the side of the lead banks, all loss-making IPOs are asso­cia­ted with the name Beren­berg.

The aut­hors of the stu­dy, Dr. Kon­rad Bösl and Kon­stan­tin Dudeck, came to the con­clu­si­on that the issu­ers were not rea­dy for the stock mar­ket and that their qua­li­ty was con­stant­ly decli­ning.

  • Com­pa­ny exis­tence of around six years
  • Pushed tra­ding tur­no­ver com­bi­ned with high los­ses
  • Busi­ness model, struc­tures and pro­ces­ses are still unsta­ble

Down­load stu­dy here

 

 

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