Software maker MotorK raises $86 million in IPO, shares sink

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AMSTERDAM, Nov 5 (Reuters) - Shares successful Italian bundle shaper MotorK slumped astir 10% connected Friday, the archetypal time of trading aft their archetypal nationalist offering connected Amsterdam Euronext,

MotorK, whose bundle helps car dealerships negociate their integer presence, arsenic good arsenic with income and marketing, raised 75 cardinal euros ($86 million) successful the offering, selling a 36.4% involvement successful the company.

The shares were astatine 5.90 euros astatine 1323 GMT, down 9.2% from the IPO terms of 6.50 euros, which valued the institution astatine 261 cardinal euros.

CEO Marco Marlia said proceeds would spell to R&D and increasing the concern by "pursuing integrated and inorganic maturation to thrust marketplace stock gains, arsenic evidenced by our caller acquisitions successful France and Spain."

According to the company's prospectus, it posted a nonaccomplishment of 2.55 cardinal euros connected gross of 15.2 cardinal for the six months ended June 30, improving from a nonaccomplishment of 3.39 cardinal euros and gross of 12.1 cardinal euros successful the aforesaid play of 2020.

MotorK has 300 employees and offices successful Italy, Spain, France, Germany, Portugal and Israel.

The listing is the 20th connected Euronext Amsterdam to day successful 2021. Berenberg was planetary coordinator of the issue, with ABN Amro arsenic associated bookrunner and underwriter.

($1 = 0.8679 euros)

Reporting by Toby Sterling Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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