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Clifford Chance and Greenberg Traurig Advise on Poland's Largest-Ever IPO

Clifford Chance and Greenberg Traurig Advise on Poland's Largest-Ever IPO

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Greenberg Traurig has advised the global coordinators, joint bookrunners, and lead managers on the initial public offering of shares in Allegro.eu and the admission of Allegro shares to listing on the Warsaw Stock Exchange. Clifford Chance advised Allegro on the IPO.

The total value of shares amounted to PLN 9.2 billion and the capitalization of the company based on the IPO is PLN 44 billion.

Goldman Sachs International and Morgan Stanley were global coordinators and joint bookrunners; Barclays Bank, BofA Securities, and Citi were joint bookrunners; Biuro Maklerskie PKO BP and Santander Biuro Maklerskie were joint bookrunners and co-offering agents; and Bank Pekao, Pekao Investment Banking, Credit Agricole Corporate and Investment Bank, Erste Group, and Raiffeisen Centrobank were co-lead managers.

According to Greenberg Traurig, the over-allotment shares brings the value of the IPO to PLN 10.6 billion, making it the largest IPO in Poland’s history. The firm also stated that the “Allegro group is the go-to commerce platform in Poland with Allegro.pl being the most recognized e-commerce brand in the country. 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.”

Clifford Chance characterizes the IPO as the “second-largest capital raise in Europe this year,” adding that it is “the next stage in [Allegro's] success story shaped over 20 years, from a local start-up to a European e-commerce champion. Alongside 12.3 million active buyers and 117,000 merchants, Allegro has seen an acceleration of revenue growth over the last three years.”

Greenberg Traurig’s team included Partners Lejb Fogelman, Jaroslaw Grzesiak, Pawel Piotrowski, and Rafal Sienski, and Senior Associate Agata Wisniewska.

Clifford Chance’s team included, in London, Partners John Connolly, Andrew Patterson, Mike Crossan, Jonny Myers, and Spencer Baylin, and Senior Associates James Koessler and Drew Rundus; in Warsaw, Partner Agnieszka Janicka and Counsels Krzysztof Hajdamowicz, Jaroslaw Lorenc, and Iwona Terlecka; and in Luxembourg, Partners Christian Kremer and Katia Gauzes, Senior Advisor Lauren Harris, and Senior Associate Melissa Kdyem.

Editor's Note: After this article was published, Allen & Overy announced that it too had advised the "global coordinators and joint bookrunners, together with other syndicate members," on Allegro's IPO. The firm's team was led by London-based Partner Adam Wells and included Warsaw-based Partner Jaroslaw Iwanicki, London-based Partner James Roe, and Luxembourg-based Partner Paul Peporte, all assisted by London-based Associate Cathy Gilmartin, US-based Associates Maggie Casteel and Nikolas Youngsmith, Warsaw-based Senior Associate Maciej Skoczynski and Associate Joanna Kaleta, and Luxembourg-based Counsel Serge Zeien and Junior Associate Michal Chajdukowski.

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