T. Rowe Price Cuts Value of German Startup Celonis Shares By 45%

T. Rowe Price Group Inc. slashed its estimate for the price of its shares in Celonis by about 45% since 2021, underlining investor scrutiny of technology startup valuations that had surged in the low-interest pandemic era.

The money manager first purchased preferred shares in Celonis in 2021 in one of the firm’s growth funds, according to US regulatory filings. The software firm was valued at $11 billion in a fundraising round that year, a record at the time for a German startup. At the end of December, T. Rowe said its 243,443‌ shares were worth $49.1 million. This compares ...