IPO values screen-sharing app maker Teamviewer at $5.78B

Business

The letters with the name of German tech company Teamviewer, a maker of the eponymous screen sharing and conferencing software, is displayed in front of the exchange in Frankfurt, Wednesday, Sept. 25, 2019. Teamviewer has made the biggest initial public offering for a German tech company since the dot-com boom. Andreas Arnold/dpa via AP)

BERLIN (AP) — Teamviewer, the maker of the eponymous screen-sharing and conferencing software, has held the biggest initial public offering for a German tech company since the dot-com boom.

Shares in Teamviewer began trading at 26.25 euros ($28.88) on the Frankfurt exchange Wednesday, valuing the company at 5.25 billion euros ($5.78 billion).

Up to 42% of Teamviewer’s stock, or 84 million shares, have been offered publicly.

Teamviewer’s owner, Britain-based investment firm Permira, bought the company for 870 million euros in 2014 and will retain a stake of at least 58%.

The company provides a free version of its software and a premium version with about 368,000 subscribers.

Teamviewer has about 800 employees, about half of which work at its offices in Goeppingen, outside the southwestern city of Stuttgart.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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