Cazoo Ltd., the British online used car platform backed by some of the world’s best-known investors, is weighing plans for an initial public offering in London, according to people familiar with the matter. Cazoo is speaking with potential advisers about a possible listing as soon as this year, the people said, asking not to be identified discussing confidential information.
The U.K. firm is reviewing the merits of an IPO this year after the successful listing of German online used-car dealer Auto1 Group SE, which surged in trading after raising 1.8 billion euros ($2.2 billion) earlier this month, the people said.
Cazoo buys and restores used cars before selling them online, delivering them direct to its customers’ homes. It has generated revenue of more than 100 million pounds ($140 million) since launching in 2019, according to its website.
In October, Cazoo completed a 240 million-pound funding round from investors including D1 Capital Partners and BlackRock Inc., taking the total amount it has raised to 450 million pounds. That round reportedly valued the company at more than $2.5 billion. Private equity firm L Catterton and Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, are among its other backers.
Source: BNN Bloomberg
By Myriam Balezou, Ruth David and David Hellie
