Car Dealer Global Auto Is Said to Weigh Toronto IPO This Year

Global Auto Holdings Ltd., a company that owns car dealer franchises such as the UK's Lookers, is considering an initial public offering (IPO) in Toronto this year. This move is being explored by the company, which also operates dealerships in the United States and Canada, according to sources close to the situation. The potential IPO could value the company at approximately $1 billion. Global Auto Holdings has been expanding its operations, having acquired 15 dealerships in the US in 2023. The company's portfolio includes brands like Ford, Toyota, and BMW. The decision on whether to proceed with the IPO is expected in the coming months, with advisors from Scotiabank and BMO Capital Markets reportedly involved in the process. The company's financial performance has been strong, with revenues reaching $4.5 billion in 2023. A Toronto listing would provide Global Auto Holdings with access to capital for further expansion and potentially enhance its public profile.