Ecommerce company Allegro sets its IPO at USD 11.24 bln

Wednesday 30 September 2020 13:51 CET | News

Poland-based ecommerce platform Allegro has set its initial public offering price at USD 11,07 per share, valuing a total of USD 11.24 billion.

According to Reuters, the company plans to debut on the exchange on 12 October 2020, and is expected to attract more companies to the exchange, while changing the profile of the bourse, which was traditionally dominated by banks. Besides, the company's goal is to raise around USD 256 million from the issue of more than 23 million of new shares, and use the proceeds to repay debt.

Furthermore, Allegro's shareholders will sell more than 190 million existing shares, meaning that the free float will amount up to 21%. The listing comes amid signs of a pick-up in the European IPO market, amid the COVID-19 pandemic that curbed first-half activity.

Overall, Allegro is a well recognised ecommerce brand in Poland, reporting in June 2020  around 12.3 million active buyers in its ecommerce marketplace, Reuters stated.

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Keywords: Allegro, Poland, ecommerce, initial public offering, IPO, marketplace
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce