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Naspers spin-off Prosus surges 25% on market debut in Amsterdam

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Shares in the spin-off of South African e-commerce group Naspers surged more tha...

AMSTERDAM - Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday.

There is “way more demand than is even available, so that’s good,” said the CEO of Euronext Amsterdam, Maurice van Tilburg. “It’s going to be an interesting hour of trade after opening this morning.” That would make Prosus the third-largest stock on the Amsterdam exchange after Shell and Unilever, and Europe’s No.2 tech firm after Germany’s SAP .

“The listing is also designed to reduce our weighting on the Johannesburg Stock Exchange, which we believe will maximize shareholder value over time.” For the fiscal year ended in March 2019, Prosus reported a 15% rise in revenue to $2.65 billion, and its operating loss narrowed to $418 million from $615 million.

 

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A $100 billion tech company you've never heard of just listed in EuropeProsus, a spinoff of South African consumer internet group Naspers valued at $100 billion, listed on the Amsterdam Euronext exchange Wednesday.
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