In the first German IPO of the new year, AUTO1, a European platform for trading used cars, plans to list on the Frankfurt stock exchange. Nasdaq reports that sources close the deal said the Berlin-based company could be valued above €5 billion in the IPO, which should take place this quarter.

The company added that it hopes to raise €1 billion from new shares. Three quarters of the new capital will go to expanding the business, specifically its retail arm Autohero, which currently operates in nine countries. The rest will pay off a convertible loan.

Founded in 2012, AUTO1 hit about €3.5 billion in revenues and sold more than 615,000 cars just last year. Three years ago the German company raised €460 million from Softbank.

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