Rocket Internet, the startup incubator, is becoming private again. Those who invested in the firm at its first IPO, may end up with a hefty loss
Scrooge McDuck,” said Oliver Samwer in 2017 when he denied the request of shareholders of Rocket Internet, the startup incubator he co-founded with his two brothers, to use the company’s cash to boost its ailing share price through share buy-backs. Now the way he has handled a planned delisting of Rocket from stock exchanges in Frankfurt and Luxembourg reminds those same shareholders of Walt Disney’s money-hoarding cartoon character.
Why did Rocket not take off? Analysts say the air got thinner as soon as others in Europe got better at aping American e-commerce successes at home and in emerging markets—a business model that Rocket pioneered. Rocket’s successfulDAX 30 blue-chip index, have in recent years given way to smaller technology investments and a handful of real-estate bets. Following last month’s spectacular crash of Wirecard, an online-payments processor accused of huge fraud, Rocket’s bruising re-entry from public markets leaves Germany even more bereft of digital darlings than it already was.
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