Private Equity Giants Eye €10 Billion IPO for Mobile.de in 2026

LONDON/FRANKFURT, Jan 22 (Reuters) – Private equity firms Permira and Blackstone are considering a multi-billion-euro initial public offering (IPO) for German online auto marketplace Mobile.de, according to three sources familiar with the matter. The potential listing, which could value the company at up to €10 billion ($10.42 billion), is being explored for 2026, with Frankfurt as the likely venue.

Mobile.de, a subsidiary of Norway‘s Adevinta, was acquired in 2023 as part of a $13.1 billion deal led by Permira and Blackstone. The firms are now working with advisers to evaluate the feasibility of an IPO, though discussions remain in the early stages and may not result in a transaction, the sources cautioned. All spoke on condition of anonymity due to the private nature of the discussions.

Blackstone and Permira declined to comment, while Mobile.de did not immediately respond to requests for comment. The potential IPO would mark one of the most significant divestments for Adevinta, which was once the world’s largest classifieds group before being taken private.

Mobile.de reported €400 million ($416.76 million) in revenue and €240 million in earnings before interest, tax, depreciation, and amortization (EBITDA) in 2023, according to company results. The platform is a leading player in Germany‘s online auto marketplace, connecting buyers and sellers of new and used vehicles.

The private equity shareholders are also working to separate Mobile.de from other assets within Adevinta, a process that could take up to a year due to the complexity of disentangling shared IT systems, a fourth source said. Adevinta has been divesting several holdings, including its stake in Distilled, the owner of Irish property site Daft.ie.

Analysts suggest that Mobile.de’s IPO could be part of a broader strategy to unlock value within Adevinta’s portfolio. Jefferies, a financial services firm, estimated that Adevinta’s break-up equity value could range between €19 billion and €24 billion, up from €12.1 billion at the time of its privatization.

Schibsted, a Norwegian media group that holds a 14% stake in Adevinta, could receive distributions ranging from NOK 120 to NOK 145 per share, equivalent to 35% to 45% of its current share price, according to Jefferies. These distributions are expected to be passed on to Schibsted’s shareholders.

The potential IPO comes amid a resurgence in European market listings, with investors showing renewed interest in high-growth technology and digital platforms. Mobile.de’s strong financial performance and dominant market position in Germany make it an attractive candidate for public investors, though market conditions in 2026 will ultimately determine the success of the offering.