Departure of long-term Allegro shareholder causes increase in share price
Investors welcomed Permira’s sale of its final large stake in Allegro, saying it removes a long-standing share overhang that had weighed on the company’s valuation. The fund sold about 131 mln shares through an accelerated bookbuilding process at PLN 33.6 per share, a 3.5% discount to Monday’s closing price. Allegro’s shares rose nearly 8% after the news.
Analysts from Erste Securities and Wood & Company said the low discount showed strong demand and that the end of potential large share sales makes Allegro more attractive to investors.
The transaction does not affect Allegro’s operations or business outlook, but changes its ownership structure. Allegro will now become the largest Warsaw-listed company without a significant strategic shareholder.
(pb.pl)