Crypto EcoBlog
Goldman Sachs Group and Morgan Stanley are global coordinators of Allegro IPO.Polish e-commerce giant Allegro has confirmed its plans to file for Initial Public Offering (IPO). As reported by Bloomberg, the company plans to raise about 1 billion zloty (6 million) in an initial public offering in a bid to get listed on the Warsaw Stock Exchange. The Initial Public Offering has been noted by the company as a means to shore up its financials. The company’s current investors including Permira, Cinven, and Mid Europa Partners plan to sell shares in the proposed IPO.Already renowned as Poland’s biggest online marketplace, the proposed 1 billion zloty IPO will be one of the biggest IPOs in recent times. The ambition to make its debut on the Warsaw Stock Exchange can be gleaned from the recent
Topics:
<title> considers the following as important:
This could be interesting, too:
Wayne Jones writes Charles Schwab to Launch Spot Crypto ETFs if Regulations Change
Wayne Jones writes Here’s When FTX Expects to Start Repaying Customers .5B
Dimitar Dzhondzhorov writes Is Cryptoqueen Ruja Ignatova Alive and Hiding in South Africa? (Report)
Wayne Jones writes Casa CEO Exposes Shocking Phishing Scam Targeting Wealthy Crypto Users
Goldman Sachs Group and Morgan Stanley are global coordinators of Allegro IPO.
Polish e-commerce giant Allegro has confirmed its plans to file for Initial Public Offering (IPO). As reported by Bloomberg, the company plans to raise about 1 billion zloty ($266 million) in an initial public offering in a bid to get listed on the Warsaw Stock Exchange. The Initial Public Offering has been noted by the company as a means to shore up its financials. The company’s current investors including Permira, Cinven, and Mid Europa Partners plan to sell shares in the proposed IPO.
Already renowned as Poland’s biggest online marketplace, the proposed 1 billion zloty IPO will be one of the biggest IPOs in recent times. The ambition to make its debut on the Warsaw Stock Exchange can be gleaned from the recent boom across the e-commerce marketplace in the wake of the coronavirus pandemic.
Per the Bloomberg report, banks working on the IPO offer are valuing the Polish e-commerce giant Allegro, plus the company’s net debt, at 26 to 27 times its earnings before interest, taxes, depreciation, and amortization. Based on projected earnings of 2 billion zloty for 2021, the enterprise value is expected to be almost $14.4 billion, and the equity value expected to be about $13 billion, Bloomberg’s source said, adding that about 20-25% of the company is expected to be floated.
Polish Allegro’s GMV is also an attestation that the company is the biggest e-commerce platform in the country. The GMV reportedly grew by 25 percent in 2019 compared to 16 percent growth for the rest of the e-commerce segment in the country.
More Details on Allegro IPO
Indications from the management of the company show that the company’s plan to go public is not a leap too high but rather the natural place for the company to be. François Nuyts, Allegro’s Chief Executive Officer said in an interview that the company “..have over 12 million regular customers, over 100,000 small and medium businesses on our platform and we are such a trusted brand in Poland that Warsaw is the natural place to be for us.”
According to Nuyts, the company is in talks with potential investors both within and outside of Poland as there has been what he described as a “Significant” interest in the deal across the board. The company has also noted that it will allocate about 5 percent of the shares to retail investors, stating that “The group believes the offering is a logical and significant next step for the group in its development.”
Goldman Sachs Group Inc (NYSE: GS), and Morgan Stanley (NYSE: MS) are global coordinators on Allegro’s listing. The trio of Barclays Bank Plc (LON: BARC), Bank of America Corp (NYSE: BAC), Citigroup Inc (NYSE: C), and Dom Maklerski Banku Handlowego SA are bookrunners. The company has also named Santander Bank Polska SA and BM PKO BP as bookrunners and co-offering agents in Poland in connection with the retail tranche. Several key financial entities as recognized as the Polish Allegro’s financial advisers.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.