By Emma Thomasson
BERLIN (Reuters) - German venture capital group Rocket Internet, which has launched dozens of online start-ups in recent years, announced plans on Wednesday to raise about 750 million euros ($970 million) by listing a stake as it rides a wave of e-commerce flotations.
The announcement comes just a week after Zalando, Europe's biggest online fashion player that Rocket helped launch, also announced its intention to float, meaning the two companies will be competing for investors at the same time.
The Berlin-based group said in a statement the offer would consist solely of new shares, proceeds of which it would use to finance growth through launching new businesses and providing more capital to its existing companies.
A flurry of e-commerce flotations is expected to be capped this month by China's Alibaba
Rocket Internet is bidding to create the largest internet empire outside the United States and China. It wants to replicate the success of Amazon.com Inc
Founded in 2007 by brothers Oliver, Alexander and Marc Samwer, Rocket is active in more than 100 countries, making revenue of $1 billion in 2013 via e-commerce and online marketplaces for everything from taxis to meal deliveries.
BIGGEST IN EUROPE
The Rocket and Zalando listings are the biggest technology offerings in Germany since the bursting of the dot-com bubble more than a decade ago and the Rocket flotation would be the biggest in Europe since Russia's Yandex in 2011.
Rocket Internet is expected to appeal more to technology or emerging market funds, and Zalando to those looking for exposure to booming e-commerce in Europe. Zalando hopes to raise more than 500 million euros by listing a stake of between 10 and 11 percent.
Rocket said it planned to apply for its shares to be listed on the Frankfurt Stock Exchange via the "entry standard" - which requires less detailed financial information of listed companies than the "general" or "prime" standard that Rocket said it hoped to move to within the next 18 to 24 months.
Rocket has only released limited financial details so far. Its top 10 e-commerce ventures - including fashion sites like Lamoda in Russia and Dafiti in Brazil, plus online furniture stores Home24 and Westwing - together made sales of 743 million euros in 2013 and had an operating loss of 431.6 million, according to figures from major Swedish investor AB Kinnevik
Rocket said its six main shareholders - including Kinnevik and the fund of the Samwer brothers - would sign lock-up commitments not to sell their shares for at least 12 months.
(1 US dollar = 0.7735 euro)
(Editing by David Holmes)
