The largest Polish e-commerce company Allegro officially confirmed its willingness to debut its shares on the Warsaw Stock Exchange.
"I am pleased to announce Allegro's intention to enter the Warsaw Stock Exchange. Allegro is a unique success story shaped over 20 years, from a local start-up to a European e-commerce champion," Francois Nuyts, Allegro president, said.
The sale of Allegro shares will be directed mainly to institutional investors. Retail investors will be able to buy only 5 percent of shares.
The value of Allegro's initial public offering will be between $2.3-3 billion, i.e. between PLN 9-12 billion. Thanks to this valuation, Allegro may be the largest public offering on the Warsaw Stock Exchange since 2007, when Immoeast from Austria debuted. Allegro would also overtake the biggest debut of the Polish company – this record is held by PZU, which in 2010 collected PLN 8 billion from the stock exchange.
According to commentators, Allegro's debut on the WSE will be an important step towards the revival of the bourse, which has been plunged for years and dominated by state-owned companies.