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Rocket Internet share prices down by 9 percent, Kinnevik sells half of its stakes

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Rocket Internet share prices have nosedived. It was like bloodbath at the stock market for the company following Kinnevik sold half of its stake German group. Latest reports suggest that the Rocket Internet stock price fell sharply after the Swedish investment company, Kinnevik, sold a large number of its shares.

On Thursday, in just one day, share of Rocket Internet (RKET.DE) tumbled by more than 9 percent. The tumble was caused and accelerated as the Swedish investment company sold as much as half of its 13 percent shares in Rocket Internet.

rocket-internet

Latest figures suggest that the German e-commerce giant suffered one of the worst days at the stock market. Its shares fell by 9.3 percent at 19.35 euros at 0833 GMT (3:33 a.m. ET) after Kinnevik sold 6.6 percent of Rocket’s share capital to institutional investors at 19.25 euros per share. It committed to a lock-up period of 90 days for its remaining stake.

It is rather surprising to see Kinnevik offloading its share in the Rocket Internet given the fact that it was one of the first investors in company and was the firm’s biggest shareholder after the Samwer brothers who founded it and who have a 37 percent stake.

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