InPost Shareholders Seek Up to $3.9 Billion In Amsterdam IPO

(Bloomberg) -- Polish postal locker provider InPost SA is seeking to raise as much as 3.2 billion euros ($3.9 billion) for shareholders with its initial public offering in Amsterdam, as its 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.

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 grown rapidly, benefiting from a flywheel effect driving an accelerating increase in consumer and merchant adoption” of its automated parcel machines since 2017, Chief Executive Rafał Brzoska said in the statement. There has been a “strong response” from prospective investors to the IPO, he said.

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 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.

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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