Investing.com – Europe's stock markets got a new internet giant on Wednesday, and its reception only highlighted how few alternatives regional investors have when it comes to growth stocks.
The biggest company that absolutely no one has ever heard of is called Prosus (AS :). It is a holding company for the international assets of the South African investment company Naspers (JO :).
More than anything else, it's a vehicle for Naspers's 31
The company estimates that the portfolio companies' products and services are regularly used by around one fifth of the world's population. The listing "will give international tech investors the opportunity to invest directly in an attractive Internet portfolio," Naspers said in a video on its website detailing the transaction.
Naspers issued shares worth approximately 25% in the new company to all its shareholders prior to the listing. Euronext Amsterdam had provided a indicative price of € 58.70 per share, suggesting a market value of € 95.3 billion ($ 105 billion).
However, Reuters reported that the shares jumped to 76 euros at the opening and gave up only a fraction of the gains in subsequent trading. It immediately made it the third largest stock on the Amsterdam Stock Exchange by market value, behind Royal Dutch Shell (LON 🙂 and Unilever (LON :).
The listing came on a day when Europe's markets had made great strides on new hopes from the détente on trade between China and the United States Earlier in the day, China had published a list of products to be exempted from the latest US import duties, which include cancer drugs and lubricant base oil, but not the far more sensitive and economically important agricultural products such as soybeans and pork.
At 05.00 ET (0900), the benchmark portfolio was up 0.7% at 389.08, a six-week high. Germany and the UK both increased 1.0%
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