Frankfurt: The German start-up incubator Rocket Internet said on Friday it will bring forward the date on which its shares begin trading publicly on the stock exchange given the high demand for its shares.
"Due to exceptional investor demand across all points of the price range (Rocket Internet) has decided to accelerate the timetable for its initial public offering (IPO)," the company said in a statement.
Initially, investors had from September 24 until October 7 to apply for shares. But the subscription period would now end on October 1, the statement said.
The listing of the shares and first day of trading on the Frankfurt Stock Exchange "is planned for October 2," it added.
Rocket Internet, which was set up in 2007, plans to raise up to 1.48 billion euros ($1.9 billion) via its IPO and will use the cash to "fund future growth opportunities".
Rocket Internet`s IPO is to consist solely of new shares from a capital increase, which will be priced at between 35.50-42.50 euros apiece, valuing the company at around 6.2 billion euros.
Incubators nurture start-ups or companies in their early years by providing them with technical and financial support.
None of Rocket Internet`s existing shareholders -- Global Founders, the investment vehicle of Samwer and his brothers; Investment AB Kinnevik, Access Industries, Philippine Long Distance Telephone Company, United Internet and HV Holtzbrinck Ventures -- plan to sell any of their shares.
