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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  THG Plc    THG   GB00BMTV7393

THG PLC

(THG)
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Polish e-commerce company Allegro lights up Europe's IPO market

10/12/2020 | 04:04am EST

* Allegro becomes Poland's biggest listed company

* Market value surges to almost $19 billion

* Another sign Europe's IPO market is picking up (Adds information on Allegro entering WIG20 index)

WARSAW/GDANSK, Poland, Oct 12 (Reuters) - Shares in Polish e-commerce group Allegro leapt more than 60% on their debut on Monday, giving the company a market value of almost $19 billion in Europe's biggest initial public offering (IPO) so far this year.

Founded more than 20 years ago as a home-grown rival to eBay, Allegro is central Europe's most recognised e-commerce brand and its website is attracting 20 million visitors a month as consumers go online during the COVID-19 pandemic.

Allegro's strong start mirrored the performance of some recent IPOs in the United States where shares have shot up as investors showed they were willing to pay for companies with potential for growth.

Last month, British e-commerce firm The Hut Group made the biggest debut on the London Stock Exchange in seven years and Allegro's successful launch was a further sign the European IPO market is picking up.

However, investor appetite seems to be reserved for tech and growth companies - sectors that corporate Europe is light on compared to the United States, where a number of blockbuster tech IPOs have launched this year.

"The recent pandemic highlighted the value of e-commerce for a consumer, and accelerated e-commerce penetration," said Ivan Kim, an analyst at Xtellus Capital. "Allegro is a well-established marketplace ... and is already quite profitable."

Shares in Allegro closed the day at 70 zlotys, up 63% from their IPO price of 43 zlotys, which was at the upper end of the guidance range.

Allegro immediately became the most valuable company on the Warsaw bourse, which said the company would replace Commerzbank's mBank in its index of the 20 biggest companies WIG20 after the Oct. 14 trading session.

'WE ALL NEED GOOD NEWS'

Poland hopes the initial public offering will boost the exchange which has struggled to attract new listings and seen a drop in turnover. Polish mobile games firm Huuuge has announced plans for a stock market listing.

"In these difficult times when we fight with the pandemic and recession, we all need good news. Allegro's debut is good news for all of us," Deputy Prime Minister Jaroslaw Gowin told a news conference.

Allegro's private equity owners Cinven, Permira and Mid Europa will want to benefit from the IPO momentum with follow-on placements as only about 25% of the company was floated, said Christoph Stanger, co-head of Goldman Sachs's European equity capital markets business, which helped organise the listing.

"When pricing deals like Allegro, it is more important to build momentum than to maximize price on day one," said Stanger.

Across Europe, there are numerous IPO deals in the pipeline for the first half of 2021, as the 2020 season is drawing to a close and issuers want to avoid any potential market turmoil in connection with the U.S. presidential elections on Nov. 3, capital markets bankers have said.

Allegro's IPO comprised more than 23.25 million new shares and 190.29 million existing ones. Previously, the largest company on the Warsaw exchange was video games producer CD Projekt.

Goldman Sachs, Morgan Stanley, Barclays, Bank of America, Citigroup, Santander and BM PKO BP organised the Allegro IPO. ($1 = 3.7841 zlotys) (Reporting by Anna Banacka in Gdansk, Alan Charlish and Anna Koper in Warsaw, Abhinav Ramnarayan in London and Arno Schuetze in Frankfurt; Editing by Edmund Blair, Mark Potter, Susan Fenton and David Clarke)


© Reuters 2020
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THG PLC -2.87% 728.5 Delayed Quote.-3.85%
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Financials
Sales 2020 1 605 M 2 197 M 2 197 M
Net income 2020 -121 M -165 M -165 M
Net cash 2020 173 M 237 M 237 M
P/E ratio 2020 -81,3x
Yield 2020 -
Capitalization 7 870 M 10 785 M 10 772 M
EV / Sales 2020 4,80x
EV / Sales 2021 3,83x
Nbr of Employees 7 000
Free-Float 80,6%
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Technical analysis trends THG PLC
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Mean consensus BUY
Number of Analysts 11
Average target price 889,55 GBX
Last Close Price 7,29 GBX
Spread / Highest target 13 627%
Spread / Average Target 12 111%
Spread / Lowest Target 9 097%
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Managers and Directors
NameTitle
Matthew John Moulding Executive Chairman & Chief Executive Officer
John Andrew Gallemore Chief Financial Officer & Director
Schalk van der Merwe Chief Technology Officer
Iain McDonald Non-Executive Director
Dominic Patrick Murphy Independent Non-Executive Director
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