Apollo-Backed Autodoc Plans €5B Frankfurt IPO

Key Takeaways

Sector: Consumer, Retail.
Geography: Germany.

Analysis

Berlin-based online car parts retailer Autodoc SE has announced plans to list on the Frankfurt Stock Exchange through a secondary share offering, aiming for a valuation of up to €5 billion. The offering will consist entirely of existing shares sold by the company's founders and private equity firm Apollo Global Management, with no new capital being raised.

Founded in 2008, Autodoc operates in 27 European countries, offering a catalog of over 6.7 million products from approximately 2,500 brands, serving more than 340 vehicle models. The company has reported a 17.5% compound annual growth rate (CAGR) in revenue since 2022, achieving €1.6 billion in sales and an Adjusted EBITDA of €151 million in 2024. Its asset-light model boasts a 93% cash conversion rate, underscoring operational efficiency.

A significant growth driver has been the expansion of its B2B division, AUTODOC PRO, which launched in France in 2022 and has since expanded to the Netherlands, Austria, Belgium, Germany, and Italy. The B2B segment's revenue surged from €18 million in 2023 to €68 million in 2024, marking a 280% increase, and now contributes approximately 4% to the company's total revenue.

The planned listing, expected in the second quarter of 2025, is structured as a private placement targeting institutional investors. Major financial institutions, including Barclays, Citigroup, Deutsche Bank, and Jefferies, have been appointed as joint global coordinators for the offering. Additional bookrunners include Santander, UniCredit, and Apollo Capital Solutions.

Apollo Global Management acquired a minority stake in Autodoc in early 2024 at a €2.3 billion valuation, marking the company's first external equity investment since its inception. Apollo's involvement is seen as a strategic move to support Autodoc's growth, particularly in the B2B segment, and to enhance its market position in the European automotive aftermarket.

The IPO comes amid a challenging environment for public offerings in Europe, with several companies postponing or canceling their listings due to market volatility. However, Autodoc's strong financial performance, coupled with its strategic expansion into the B2B sector and backing from a reputable private equity firm, positions it as a compelling opportunity for investors seeking exposure to the digital transformation of the automotive parts industry.