German tech firm Teamviewer brought in 2.2 billion euros as it joined the Frankfurt stock market Tuesday, making it the largest flotation in a sparse year across Europe. Stock in the company, whose main products are software for remote computer maintenance and video conferencing, started trading around 26.25 euros ($28.87) before falling back to around 24.80 in early trading.
Its introductory price had valued the firm based in Goeppingen, Baden-Wuerttemberg at 5.25 billion euros. British private equity firm Permira, which bought Teamviewer in 2014 for around 870 million euros, made a hefty profit while selling off just 42 percent of the "unicorn" - the nickname for tech firms worth over one billion dollars before flotation. The initial public offering (IPO) outweighed that of Volkswagen's trucks unit Traton, which in June raised 1.6 billion euros for an 11.5 percent stake, and Italian payments company Nexi, which raised 2.1 billion in April. Teamviewer was founded in 2005, by now boasting around 1.5 billion registrations worldwide for its software, which is mostly used as free versions.
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