Cazoo has listed on the New York Stock Exchange with a value of £6billion.
The London-based online car dealership, which counts the Daily Mail and General Trust (DMGT) among its investors, trades under the ticker ‘CZOO’. It floated by merging with ‘blank cheque’ company Ajax I.
Cazoo’s chief executive and founder Alex Chesterman said: ‘Today is an important and exciting day for Cazoo.
Deals on wheels: Online car dealership Cazoo, which was founded in 2018, has listed on the New York Stock Exchange valued at £6bn
We remain obsessed with delivering the best car buying and selling experience for consumers across the UK and mainland Europe and the capital raised from this transaction will give us the resources to further accelerate our growth.’
DMGT owns 17 per cent of Cazoo. Paul Zwillenberg, DMGT’s chief executive, said: ‘We are very pleased with the rapid progress Cazoo has made.
The listing marks another significant milestone for DMGT and we are delighted with the substantial capital appreciation on our investment.’
Founded in 2018, Cazoo allows customers to buy cars on its website and have them delivered to the door. Those selling vehicles can also drop them off at customer service centres or have them picked up.
Since launching its platform in 2019, the firm has branched out to offering subscriptions and car financing as well.
And as it seeks to rapidly expand, Cazoo has struck sponsorship deals with Premier League clubs Aston Villa and Everton.
The company is the latest fast-growing technology firm to take advantage of a SPAC (Special Purpose Acquisition Company), an investment vehicle set up with the express purpose of merging with a target and enabling a rapid listing.
Daniel Och, founder of Ajax I, said: ‘We are very pleased to close the business combination with Cazoo and to partner with Alex and his outstanding team.’
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