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German software company TeamViewer discloses IPO details

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German software company TeamViewer discloses IPO details

German software company TeamViewer GmbH set the price range for its IPO at between €23.50 and €27.50 per share.

The company said its IPO offer consists of up to 84.0 million existing shares from the holdings of TeamViewer's current owner, TigerLuxOne Sàrl, a holding company majority-owned by funds advised by private equity firm Permira Advisers Ltd. TeamViewer said the price range implies a total market capitalization of between €4.7 billion and €5.5 billion.

The base offer for the IPO will consist of 60.0 million existing ordinary bearer shares with no-par value from the holdings of TigerLuxOne. TigerLuxOne may place up to 15.0 million additional ordinary bearer shares with no-par value, subject to market demands. Up to 9.0 million additional existing ordinary bearer shares with no-par value may be offered to cover possible overallotments, not exceeding 15% of the number of base shares.

Depending on the total offer size, the expected free float would range from 30% to 42%. The company, which plans to list its shares on the regulated market segment of the Frankfurt Stock Exchange, expects gross proceeds of between €1.41 billion to €2.31 billion, depending on the final number of shares placed and the issue price.

The offer period is set to run from Sept. 12 to Sept. 24, with the first day of trading planned for Sept. 25. TeamViewer sells software for online meetings and remote desktop access.