Leading international law firm Clifford Chance has advised Allegro, a Permira and Cinven backed company, on its listing on the Warsaw Stock Exchange. Based on the offer price, the implied market capitalisation of the Company will be PLN 44 billion (USD 11.2 billion). The total value of the offering will amount to PLN 10.6 billion (USD 2.7 billion), if the over-allotment option is fully exercised, which would be the second largest capital raise in Europe this year. Allegro operates the leading online marketplace in Poland, Allegro.pl, and the leading price comparison platform in Poland, Ceneo.pl.
Allegro's IPO is the next stage in the firm's success story shaped over 20 years, from local start-up to a European e-commerce champion. Alongside 12.3 million active buyers and 117,000 merchants, Allegro has seen an acceleration of revenue growth over the last three years.
A cross-border team advised on the deal, led by Global Practice Area Leader for Capital Markets Adrian Cartwright with Partners John Connolly (US Securities), Andrew Patterson (Incentives and Employment), Mike Crossan (Incentives and Employment), Jonny Myers (Cinven Relationship Partner) and Spencer Baylin (Permira Relationship Partner) in London. Partner Agnieszka Janicka (Corporate) led from Warsaw as did Partners Christian Kremer (Corporate) and Katia Gauzès (Corporate) from Luxembourg.
The Partners were supported by Senior Associates James Koessler and Drew Rundus in London, Counsel Krzysztof Hajdamowicz, Jarosław Lorenc and Iwona Terlecka in Warsaw and Senior Advisor Lauren Harris and Senior Associate Mélissa Kdyem in Luxembourg.
Clifford Chance has advised on many of the largest recent European equity listings, including China Pacific Insurance (USD1.8 billion offering) and JDE Peet's (EUR15.6 billion IPO and offering).
Notes to Editors
Additional deal team members
Director: Martin Kolmar
Senior Associate: Oli Marcuse and Florence Wong
Associate: Phoebe Richardson, Rezwan Azam, Nick Brock, Georgia Demeure, Alex Ward and Jennifer Harris
Senior Associates: Kamil Sarnecki and Grzegorz Nowaczek
Associate: Katarzyna Aleksandrowicz
Avocat: Olivier Caudron Van Wauwe, Arvine Nooralian, Konrad Kanaan and Alexandra Dear
Foreign Lawyer: Raphael Theiss and Nazim Faid