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Shares in Allegro debut on Warsaw Stock Exchange in Poland's largest IPO

posted onOctober 12, 2020
nocomment

Shares in Allegro, Poland’s number one commerce platform and the most recognized e-commerce brand in the country with over 12.3 million active buyers and over 117,000 merchants as of 30 June 2020, have today begun trading on the Warsaw Stock Exchange, marking the completion of Poland’s largest ever IPO.

Commenting on today’s stock exchange debut, François Nuyts, Chief Executive Officer, said

“With our IPO process now complete, we can now look forward to starting Allegro’s next phase of growth as a listed company. Our amazing team is ready for the challenge, and is excited to press on with our ambitious plans to improve our platform and make it an even better place for consumers to shop and for merchants to do business.

The engagement we have seen from institutional and retail investors over recent weeks has been humbling. I’d like to thank each of them for their interaction with us and welcome those who have decided to become shareholders in Allegro. I am particularly delighted that today Allegro employees also become shareholders in the company, enabling them to share in the future success we go on to create together.”

Highlights of the Offering

The Offer Price was PLN 43 per Share, giving the Company an implied initial market capitalisation of PLN 44 billion.
The Offering comprises the issuance of 23,255,814 New Sale Shares to raise gross proceeds of approximately PLN 1.0 billion and the sale of 190,293,225 Existing Sale Shares by the existing shareholders.
In addition, Cidinan S.à r.l, Permira VI Investment Platform Limited and Mepinan S.à r.l. have granted to Morgan Stanley & Co. International plc as Stabilization Manager  an over-allotment option to purchase up to 15% of the total number of Sale Shares. The Over-allotment Option is exercisable for a period up to 30 days from 12 October 2020.

The total value of the Offering will amount to PLN 10.6 billion, if the Over-allotment Option is fully exercised, and PLN 9.2 billion, excluding the Over-allotment Option.
Free float will be 20.9% (before any exercise of the Over-allotment Option).
All employees who are employed by the Group as at the Listing Date, and who do not hold any Shares pursuant to historic investment arrangements, will today be granted a one-off Share award of 233 Shares with a value equivalent to PLN 10,019, vesting 360 days after the Listing Date.

The remaining Shares held by the Majority Selling Shareholders are subject to a lock-up agreement for a period of 180 days from the first listing of the Shares on the Warsaw Stock Exchange, subject to certain customary exceptions as set forth in the Prospectus. In addition, Shares held by the directors and managers of the Company and the recipients of Shares awarded pursuant to the Group’s incentive plans are subject to lock-up arrangements for a period of 360 days from the first listing of the Shares on the Warsaw Stock Exchange, subject to certain customary exceptions as set forth in the Prospectus.

Goldman Sachs International and Morgan Stanley & Co. International plc have acted as global coordinators and joint bookrunners; Barclays Bank PLC, BofA Securities Europe SA, Citigroup Global Markets Limited and Dom Maklerski Banku Handlowego S.A. have acted as joint bookrunners; Santander Bank Polska S.A and BM PKO BP have acted as joint bookrunners and co-offering agents in Poland in connection with the offer to retail investors; and Bank Polska Kasa Opieki Spółka Akcyjna, Crédit Agricole Corporate and Investment Bank, Erste Group Bank AG, Pekao Investment Banking S.A. and Raiffeisen Centrobank AG have acted as co-lead managers.

Lazard & Co., Limited  has acted as Financial Adviser to the Group.