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TeamViewer makes biggest European IPO of the year

Credit: Reuters Studio
Published on September 26, 2019 - Duration: 01:14s

TeamViewer makes biggest European IPO of the year

German connectivity software firm TeamViewer has debuted on the Frankfurt stock market, with a $5.25 bln valuation making it the biggest European IPO of the year.

Julian Satterthwaite reports.

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TeamViewer makes biggest European IPO of the year

It's Europe's biggest IPO of the year.

German software firm TeamViewer on Wednesday (September 25) making its debut on the Frankfurt stock exchange.

(SOUNDBITE) (English) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "I am very, very proud of what we achieved." TeamViewer makes connectivity software for things like remote IT support and online meetings.

Staff gathered on the exchange floor to celebrate the IPO.

There were cheers at the announcement of an opening price of just over 26 euros - about 32 dollars.

That valued the firm at about 5.25 billion dollars.

Early trading saw the share price fall back amid a broader selloff on German markets.

Chief Executive Oliver Steil wasn't worried: (SOUNDBITE) (German) TEAMVIEWER CEO, OLIVER STEIL, SAYING: "It's within the framework we expected.

We had a lot of investors' support and I think we should not forget that stock markets are a little agitated with everything going on around the world.

So we are very happy." TeamViewer will use proceeds from the share sale to fund expansion in Asia and the U.S. Some investors see a warning though in the fate of rival collaboration app Slack.

Since a June IPO its share price has nearly halved amid difficulty in delivering revenue growth.

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