On the day it listed on the Euronext exchange in Amsterdam this week, Prosus – the international listing of South Africa's Naspers – became the largest consumer internet company in Europe, with a $105-billion valuation.
Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday. Prosus comprises Naspers' global empire of consumer internet assets, with the jewel in the crown a 31% stake in Chinese tech titan Tencent.
Naspers has listed its internet holding company Prosus on the Amsterdam stock market, and the shares rose an initial 30 percent from the reference price. The shares in the new company were spun off to existing Naspers shareholders and received an initial reference price of EUR 58.70. They opened on 11 September at EUR 76 and finished the first day of trading at EUR 74.19. This gives the company a market capitalisation of over EUR 120 billion.