Twitter LinkedIn
    Wednesday, July 6
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»IPO»Advent to list Polish parcel locker business
    IPO

    Advent to list Polish parcel locker business

    January 16, 20213 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Private equity group moves to cash in on surge in online shopping during pandemic.

    Private equity group Advent is planning to list InPost, its Polish parcel locker business, on the Amsterdam stock exchange, in a move designed to cash in on the surge in online shopping caused by the coronavirus pandemic.

    The listing, which will consist of a private placement to institutional investors, is expected to value InPost’s equity at €7bn-€8bn, according to people familiar with the preparations, and is likely to take place in February.

    Like other ecommerce groups, InPost, which runs lockers for customers to collect products they have bought online, has experienced a surge in business since the pandemic swept the world last year, with revenues in the first nine months of 2020 doubling to 1.67bn zlotys.

    The rush into online shopping has fuelled investor interest in the sector and led to a flurry of initial public offerings. Allegro, Poland’s dominant ecommerce platform, raised 9.2bn zlotys last year in the country’s biggest ever IPO, while Answear.com, the online clothing group, also debuted in Warsaw last week.

    InPost has 1.5m lockers at sites around Poland and plans to expand in the UK, France, Spain and Italy. Rafal Brzoska, chief executive, said that these ambitions made Amsterdam a “natural choice” for a listing.

    “[InPost] is very well recognised as a brand in the Polish market. The key challenge ahead of us is to become similarly recognised in other geographies,” he said. “Especially after Brexit, Amsterdam is becoming a listing venue that more and more companies are considering.”

    The listing will not involve InPost issuing new shares to raise additional capital but the sale of existing shares. Advent, which owns about 80 per cent of InPost SA, the entity being listed, has not yet said how much of its stake it intends to sell. Mr Brzoska, who owns 12 per cent, will not be selling any shares.

    BlackRock, Capital World Investors and GIC had agreed to be “cornerstone” investors, committing to buy shares worth €430m, €300m and €300m respectively “at the final offer price”, the company said.

    Before Advent’s decision to list InPost, it had also held talks with CVC, Silver Lake and Hellman & Friedman about a possible deal for the company, according to a person familiar with the matter.

    Silver Lake and Hellman & Friedman did not immediately respond to requests for comment. CVC declined to comment.

    Advent bought InPost in 2017, snapping up the company and Integer — which was then its main shareholder — in two deals worth 109.8m zlotys and 319.1m zlotys respectively and taking them private.

    If the listing hits the valuation being targeted by Advent, it would value InPost’s equity at between 20 and 25 times this year’s expected earnings before interest, tax, depreciation and amortisation. Citigroup, Goldman Sachs and JPMorgan are working as joint global coordinators.

     

    Source: Financial Times

    By James Shotter and Kaye Wiggins

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    funds Investments IPO Private Equity Firms
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Barings closes third vintage of European Private Loan strategy at €7B

    July 6, 2022

    Private lenders are offering cheaper debt than Wall Street banks

    July 5, 2022

    Sequoia China raises $9B as investors flock to big funds

    July 5, 2022

    Goldman Sachs invests in direct lending firm Varagon Capital Partners

    July 4, 2022

    Comments are closed.

    Other Articles

    Yes Bank gets binding bids from JC Flowers & Cerberus for its ARC

    February 7, 2022

    Dubin Clark’s AWHAP acquires Temperature Control

    June 19, 2021

    Bain Capital nears $2.27 bln deal to buy French IT services firm Inetum

    January 19, 2022

    UK-based financial tech firms won sevenfold funding rise last year to $37bn

    February 8, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?