E-Commerce Group ESW Weighs IPO at $4 Billion Valuation

(Bloomberg) -- ESW, an e-commerce specialist backed by La Poste SA and Swiss Post Ltd., is weighing an initial public offering that could value it at about $4 billion, people familiar with the matter said.

The company is working with Lazard Ltd. on plans for a possible listing in Amsterdam as soon as the second half of the year, the people said, asking not to be identified discussing confidential information.

Bank of America Corp., Societe Generale SA and UBS Group AG have been appointed as global coordinators for the listing, according to the people. More banks could be hired to help with the share sale in the coming weeks, they said.

Deliberations are ongoing and any final decisions on the size or timing of an IPO will depend on investor demand and market conditions, the people said. Representatives for Bank of America, La Poste, Societe Generale and UBS declined to comment, while spokespeople for ESW, Lazard and Swiss Post didn’t provide or couldn’t immediately be reached for comment.

ESW helps brands and retailers including Nike Inc. and Estee Lauder Cos. deliver their goods in 200 markets by providing pricing, payments and account management technology and other logistics services. The company is owned by Asendia, a joint venture between French postal operator La Poste and Swiss Post.

While demand for e-commerce companies remains strong as more consumers shop online, market volatility exacerbated by Russia’s invasion of Ukraine is blocking the IPO path for many companies in Europe. 

IPOs are historically among the last segments of the market to bounce back after a downturn, raising questions about the timing of some of the high-profile listings that have been planned for 2022. 

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