Poland’s top online retailer and auction portal Allegro will announce details of its planned initial public offering (IPO) next week, Reuters reported on September 10, citing anonymous sources close to the matter.
There has been speculation since July that Allegro’s owners – the private equity funds Cinven, Permira, and Mid Europa Partners – plan to list the portal on the Warsaw Stock Exchange this autumn, likely in October.
The potential IPO could be worth $2.3bn-3bn (€2bn-2.6bn), which would put Allegro’s valuation at some $11bn.
“Three sources said that Allegro … will next week announce its intention to float, with the share offer planned for mid-October. The company has submitted an IPO prospectus, two sources also said, with one specifying the document was filed in Luxembourg,” Reuters reported.
If successful, Allegro’s listing would be the biggest IPO on the WSE since the 2010 debut of the state-controlled insurance company PZU, which raised PLN8.1bn (€2.1bn at then exchange rates).
Cinven, Permira and Mid Europa acquired Allegro for $3.25bn in 2016. An estimated 79% of Polish consumers use Allegro for online shopping.
Allegro's revenues came in at PLN2.39bn in 2019, an expansion of 33% versus 2018. The net result grew nearly 73.9% to PLN400mn last year.