InPost Shareholders Seek Up to $3.9 Billion in Amsterdam IPO

(Bloomberg) -- InPost SA shareholders are seeking to raise as much as 3.2 billion euros ($3.9 billion) in an initial public offering in Amsterdam, as the Polish postal locker provider’s business is bolstered by an online shopping boom set off by coronavirus-induced lockdowns.

InPost is marketing 175 million existing shares at 14 euros to 16 euros apiece, the company said in a statement Thursday. The sale would value the company, which isn’t raising any money in the offering, at 7 billion euros to 8 billion euros.

Underwriters gathered enough investor demand to cover the full deal throughout the price range soon after opening up the IPO order book, according to terms seen by Bloomberg News.

This IPO shows that companies that straddle e-commerce and technology are hot for investors during the pandemic, Rafal Janczyk, a fund manager at Aviva Investors TFI SA, said by phone.

The Polish company is joining other beneficiaries of stay-at-home orders in going public. Online retailers THG Holdings Plc and Allegro.eu SA listed in the U.K. and Poland, respectively last year, while virtual greeting-card company Moonpig Group Plc announced plans last week for a London listing.

InPost got 26.2% of its revenue from Allegro, and an additional 20.7% from merchants selling goods on its platform, in the first nine months of 2020, according to an IPO prospectus published on its website. The document also said that the “substantial share” of revenue that InPost gets from Allegro is a key risk for the company.

Selling shareholders include Advent International, Templeton Strategic Emerging Markets Fund and PZU Fundusz. The offer period is expected to run through Jan. 28, with trading scheduled to begin on Euronext Amsterdam the following day.

InPost has already secured 1.03 billion euros of cornerstone investments, about a third of the total deal size, from Blackrock Inc., Capital World Investors and Singapore’s sovereign wealth fund GIC, according to the statement. Issuers and their advisers are increasingly lining up large shareholder orders before opening up IPOs to market to minimize risk.

Including an over-allotment option of as many as 26 million shares, the total offer size is 201 million shares. If the option is exercised in full, about 40.25% of InPost’s stock will be available for trading.

Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are joint global coordinators. ABN Amro Bank NV, Barclays Bank Plc, BNP Paribas SA and Jefferies International Ltd. are joint bookrunners.

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