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Italian tech startup MotorK eyes $175 million Amsterdam IPO

Kitco News

AMSTERDAM (Reuters) - Italian software company MotorK said on Thursday it aimed to raise 150 million euros ($175 million) with an initial public offering (IPO) of shares on the Amsterdam stock exchange before the end of this year.

MotorK offers a software platform for car dealers to help them manage sales and marketing activities. It said it would use the proceeds to invest in developing new products and to gain market share through acquisitions.

With over 250 employees spread over seven countries across Europe and in Israel, the company said its platform was used by over 660 dealer groups and 13 equipment manufacturers.

Without giving further financial details, MotorK said its revenues had increased 46% between 2016 and 2020, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) were "positive" in the first six months of 2021.

Earlier this week, Dutch online store Coolblue postponed its Amsterdam IPO, originally planned for later this month, citing uncertain market conditions.

($1 = 0.8622 euros)

Reporting by Bart Meijer; Editing by Edmund Blair

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