PRX Prosus NV

By Adria Calatayud

Shares in Prosus NV (PRX.AE), a spinoff of Naspers Ltd.'s (NPN.JO) internet assets outside of South Africa, started trading Wednesday on Euronext Amsterdam at a valuation of nearly 120 billion euros ($132.51 billion), becoming Europe's largest listed consumer internet company.

Shares in Prosus at 0745 GMT were trading at EUR73.13, having peaked at EUR77.40 earlier in the session.

Prosus was created by Naspers in a bid to reduce the discount its shares traded at relative to the value of its 31.1% stake in Tencent Holdings Ltd. (0700.HK). That stake alone, which represents 48% of Prosus's assets, is currently worth around EUR119 billion based on Tencent's valuation on Wednesday.

Prosus also houses stakes in Russian social-media operator Mail.ru Group Ltd. (MAIL.LN), U.S. online marketplace Letgo and German food-delivery company Delivery Hero AG (DHER.FF) among others.

Naspers didn't raise any money through Prosus's listing and will retain control over the group.

The listing was originally scheduled to take place in July, but was delayed after an administrative error forced Naspers to push back a general meeting of shareholders to vote on the deal.

Prosus, Latin for "forward," made a net profit of $1.43 billion in the quarter to June 30, up from $1.08 billion in the same period a year earlier, according to a prospectus published last month.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

September 11, 2019 04:30 ET (08:30 GMT)

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