Greenberg Traurig, LLP advised the investment banks on the deal.
Allegro.eu announced its initial public offering of shares and its listing on the Warsaw Stock Exchange. Allegro group is the go-to commerce platform in Poland with Allegro.pl being the most recognized e-commerce brand in the country. As of June 30, 2020 Allegro group’s e-commerce marketplace had a user base of approximately 12.3 million active buyers who connected with approximately 117,000 merchants. Allegro.pl is also one of the world’s top 10 e-commerce websites and among the top 100 websites in the world by visits per month.
The value of the shares sold in the IPO amounted to PLN 9.2 billion (PLN 10.6 billion including the over-allotment shares) and is the largest IPO in Poland’s history. The capitalization of the company (based on the IPO price) is PLN 44.0 billion with Allegro becoming, in terms of capitalization, the largest company listed solely on the Warsaw Stock Exchange.
The IPO of Allegro included a retail and institutional public offering in Poland, as well as an institutional offering for investors outside of Poland in accordance with Rule 144A and Regulation S under the U.S. Securities Act.
The underwriters were Goldman Sachs International, Morgan Stanley,Barclays Bank, BofA Securities, Citi, Biuro Maklerskie PKO BP, Santander Biuro Maklerskie, Bank Pekao, Pekao Investment Banking, Crédit Agricole Corporate and Investment Bank, Erste Group and Raiffeisen Centrobank.
The Greenberg Traurig team included Partners Lejb Fogelman, Jaroslaw Grzesiak (Picture), Pawel Piotrowski, Rafal Sienski and Senior Associate Agata Wisniewska.
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) and Marc Mehlen from Luxembourg. The Partners were supported by Senior Associates James Koessler and Drew Rundus in London, Counsel Krzysztof Hajdamowicz, Jaroslaw Lorenc and Iwona Terlecka in Warsaw and Senior Advisor Lauren Harris and Senior Associate Mélissa Kdyem Associates Alexandra Dear, Nazim Faid, Konrad Kanaan, Arvine Nooralian, Raphael Theiss and Olivier Caudron in Luxembourg.
Involved fees earner: Spencer Baylin – Clifford Chance; Adrian Cartwright – Clifford Chance; Olivier Caudron Van Wauwe – Clifford Chance; John Connolly – Clifford Chance; Mike Crossan – Clifford Chance; Alexandra Dear – Clifford Chance; Nazim Faïd – Clifford Chance; Katia Gauzès – Clifford Chance; Krzysztof Hajdamowicz – Clifford Chance; Lauren Harris – Clifford Chance; Agnieszka Janicka – Clifford Chance; Konrad Kanaan – Clifford Chance; Mélissa Kdyem – Clifford Chance; James Koessler – Clifford Chance; Christian Kremer – Clifford Chance; Jaros?aw Lorenc – Clifford Chance; Marc Mehlen – Clifford Chance; Jonny Myers – Clifford Chance; Arvine Nooralian – Clifford Chance; Andrew Patterson – Clifford Chance; Drew Rundus – Clifford Chance; Iwona Terlecka – Clifford Chance; Raphael Theiss – Clifford Chance; Lejb Fogelman – Greenberg Traurig; Jaros?aw Grzesiak – Greenberg Traurig; Pawe? Piotrowski – Greenberg Traurig; Rafa? Sie?ski – Greenberg Traurig; Agata Wi?niewska – Greenberg Traurig;
Clients: Allegro; Bank of America Securities; Bank Pekao S.A.; Barclays Bank; Biuro Maklerskie PKO BP; Crédit Agricole Corporate and Investment Bank; Erste Group Bank AG; Goldman Sachs International; Morgan Stanley; Pekao Investment Banking; Raiffeisen Centrobank AG; Santander Biuro Maklerskie;