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Finnish used car retailer Kamux revives IPO plan: Reuters

Finland’s Kamux, an online used car retailer, is making a fresh attempt to list its shares after withdrawing an initial public offering (IPO) last year, it said on Tuesday.

Kamux, majority-owned by Finnish private equity firm Intera Partners, last year cancelled its IPO after an internal audit found that salaries of some employees had been partly paid in fuel, meaning the company had not paid all its taxes.

The company said it aimed to list its shares on the main list of the Helsinki bourse.

The IPO is aimed at raising about 20 million euros ($21.3 million) of new equity that would be used “to support Kamux’s growth strategy, internationalization and investments to promote digitalization,” the company said in a statement.

Last year, the company had revenue of 405 million euros, up 31 percent from 2015. Kamux is targeting at least 700 million euros of sales by 2019.

Skandinaviska Enskilda Banken is the financial adviser and the bookrunner for the IPO, while OP Corporate Bank is the co-lead manager.