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Prosus, the biggest consumer internet company in Europe by market capitalization, debuts on Euronext exchange

The new company is a spin-off from South African consumer internet conglomerate Naspers, and holds its 31% stake in Chinese tech giant Tencent

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Prosus doesn’t offer digital services like Google but rather invests in a portfolio of global internet firms

Prosus N.V. (JSE:PRX), the biggest consumer internet company in Europe by market capitalization, debuted on the Euronext exchange in Amsterdam in Wednesday and soared by as much as 29% in value on its first day of trading. 

The new company, worth US$105 billion when it listed, is a spin-off from South African consumer internet conglomerate Naspers Ltd, and hold its 31% stake in Chinese tech giant Tencent Holdings Ltd (OTCMKTS:TCTZF), which owns the WeChat messaging platform.

Naspers (JSE:NPSN) plowed $32 million in to Tencent in 2001 and has seen that investment swell to $130 billion today. 

Unlike companies like Alphabet Inc's Google (NASDAQ:GOOGL), Prosus doesn’t offer digital services but rather invests in a portfolio of global internet firms.

Aside from Nasper’s Tencent stake, Prosus will also hold its positions in other companies such as German food delivery service Delivery Hero (OCTMKTS:DLVHF). Naspers will remain a majority owner of Prosus.

“The listing of Prosus is an exciting step forward for the group, giving global technology investors direct access to our unique and attractive portfolio of international consumer internet businesses,” Naspers and Prosus Group CEO Bob van Dijk said in a statement.

Contact the author: [email protected]

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