FRANKFURT Online pharmacy Shop Apotheke is planning a Frankfurt stock market listing as it seeks to generate cash for its expansion, taking advantage of buoyant equity markets, people familiar with the matter said.
The company, which is working with investment banks Citi and Berenberg, may announce its intention to float as early as this month, they added.
The company may be valued at about 350 million euros ($394.6 million) in the initial public offering. The owners have not yet decided on the volume of shares to be offered but are planning to keep at least 50 percent of the company, the people said.
Shop Apotheke was not immediately available for comment. Citi and Berenberg declined to comment.
Shop Apotheke, with 125 million euros in annual sales, competes with online pharmacy DocMorris [ZUROS.UL]. It was founded in 2001, sold to Dutch Europa Apotheek Venlo in 2010, which was bought out by its managers. Shop Apotheke was spun out of Europa Apotheek last year.
Bloomberg earlier reported that Shop Apotheke was planning to list in Frankfurt.
($1 = 0.8871 euros)
(Reporting by Arno Schuetze and Alexander Hübner; editing by Susan Thomas)