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CDR - CD Projekt SA News Story

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Last Trade - 22/01/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £4.94bn
Enterprise Value £4.83bn
Revenue £129.7m
Position in Universe 10th / 784

PREVIEW-Polish e-commerce group Allegro set for $12 bln stock market debut

Fri 9th October, 2020 12:41pm
WARSAW, Oct 9 (Reuters) - E-commerce company Allegro is set
to become Poland's biggest listed firm when it debuts on the
Warsaw stock exchange on Monday with an expected market value of
around 44 billion zlotys  ($11.6 billion), confirming a pick-up
in the European IPO market.
    European initial public offerings came back with a roar in
September with Britain's The Hut Group  THG.L  pricing the
biggest debut on the London Stock Exchange in seven years.
 urn:newsml:reuters.com:*:nL8N2GD13H
    Lithuanian Ignitis Group  IGN1L.VL  and Russian Sovcomflot
 FLOT.MM  made their debuts earlier this month, but Europe is
still lagging a resurgent global IPO market.  urn:newsml:reuters.com:*:nL8N2GQ5WE
    Warsaw, which has struggled to attract new listings and seen
a decline in turnover, has had just two small IPOs this year.
Allegro is expected to attract more companies to the exchange.
    "Hopefuly Allegro will revive the corpse. This is crazy
what's going on," a source familiar with the Allegro deal said
last month, when hours after the float details were published it
became clear it would easily sell at the maximum price of 43
zlotys per share.
    In comparison Ignitis and Sovcomfot both sold at the
lower-end of the initial price range. urn:newsml:reuters.com:*:nL8N2GR2LH  urn:newsml:reuters.com:*:nR4N2GS004
    Allegro is the most recognised e-commerce brand in Poland
with its website attracting 20 million visitors a month. It also
operates in one of few business areas to benefit from the
pandemic turmoil as customers switch to online shopping. 
    The company, which was founded more than 20 years ago as a
home-grown rival to eBay, will likely top Polish video games
producer CD Projekt  CDR.WA , which is currently the biggest
firm on the Warsaw bourse in terms of market capitalisation.
    Allegro owners Cinven, Permira and Mid Europa bought it and
online portal Ceneo from South Africa's Naspers for $3.25
billion in 2016.
    Allegro plans repay outstanding debt with the proceeds of
the IPO, and does not plan to pay out dividends in the near
future. 
    ($1 = 3.7914 zlotys)

 (Reporting by Agnieszka Barteczko; Additional reporting by Anna
Koper and Arno Schuetze; Editing by Edmund Blair, Kirsten
Donovan)
 ((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters
Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net))
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