Auto Trader floated on the London Stock Exchange today with a share price of 235p, valuing the company at £2.35bn. The share price rose by 13% immediately on its debut.
The UK’s biggest online classified business is owned by private equity group Apax Partners.
Apax acquired a 49.9% in AutoTrader in 2007 and bought the rest of the business from Guardian Media Group in a £619m deal in 2014, valuing the business at £1.75bn, including debt.
In the year to 30 March AutoTrader had turnover of £237.7m and adjusted underlying EBITDA of £136.1m.
The online classified giant attracts 35 million monthly visits on its sites, covering 80% of franchise and independent UK retailer forecourts.
Last year Apax was approached by rival buyout group Hellman & Friedman, which was ready to finance a £2bn takeover of the business, a deal it rejected.
The successful flotation could be good news for BCA Marketplace and Marshall Motors.
BCA could see a listing through a reverse takeover by Haversham Holdings, the AIM listed vehicle set up last year by Avril Palmer-Baunuck.
Haversham was created to acquire controlling stakes in quoted or unquoted businesses or companies.
Marshall has applied to list on the London Stock Exchange AIM.
In documents submitted last week it said the likely date of the IPO would be 1 April, 2015.
Marshall is rated number 10 in the Motor Trader Top 200 with annual turnover of £1.2bn.
