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Highlights
- Eurowag, the Czech Republic-based provider of mobility and payment platform services, is slated to be valued at up to EUR1.69 billion ($1.98 billion) at its upcoming IPO on the London Stock Exchange.
- Select Equity and Fidelity are the cornerstone investors, taking up shares valued at EUR47 million and EUR57 million, respectively.
Eurowag, the Czech Republic-based provider of mobility and payment platform services, is slated to be valued at up to EUR1.69 billion ($1.98 billion) at its upcoming initial public offering (IPO) on the London Stock Exchange (LSE). Eurowag plans a free float of a minimum of 25 per cent of its issued share capital and expects to be eligible for the FTSE UK Index Series.
(Data source: News releases)
Details of the IPO
Eurowag was established by Martin Vohánka, a majority shareholder, in 1995. Apart from floating new shares, majority owners - Vohánka and TA Associates, a US-based private equity group, will lower some of their holdings through the IPO.
Morgan Stanley, Citi and Jefferies have been appointed as the official global coordinators of the deal.
According to Morgan Stanley, the company has priced its listing at 175 pence per share to 220 pence per share. It also reported that Select Equity and Fidelity are the cornerstone investors, taking up shares valued at EUR47 million and EUR57 million, respectively. The payment service provider also plans to sell shares worth EUR200 million and some of the shares of its existing owners. The company is set to begin trading on 7 October 2021.
Eurowag’s business
Eurowag is a provider of commercial fleet management and payment platform services. It provides fleet cards, fuel cards, electric vehicle governance, toll management services, and other services for businesses operating in the transportation sector. The company operates through 18 offices across Europe, including one in Dublin.
Financial performance
In 2020, Eurowag registered 22% year-over-year EBIDTA growth to EUR57 million ($66 million) and net revenues of EUR125.5 million ($143 million).
Eurowag branded fuel cards can be used across toll operators in 23 countries and 15,500 stations across 30 countries. It is also engaged in operating over 15,000 points of sale and boasts of services a portfolio of over 100,000 trucks/haulage vehicles.
There has been almost four times growth in Eurowag’s business size since 2015 and it presently employs more than 1,000 people.
