Latest News

WeTransfer owner seeks Amsterdam IPO, plans $182 million share issue

© Reuters.

AMSTERDAM (Reuters) -The owner of WeTransfer, which offers file sharing and collaboration tools said on Wednesday the company will seek an initial public offering of shares and listing on Amsterdam’s Euronext stock exchange.

The Amsterdam-based company, soon to be renamed “The Creative Productivity Group NV” said its offer, for which a date has not yet been set, would include both a primary sale of 160 million euros ($182 million) in new shares and a secondary offering of existing shares by current owners and managers.

The company, best known for the WeTransfer file transfer service, has 87 million monthly users and the group estimates it had sales of more than 100 million euros in 2021, it said in a statement.

“Our differentiated and proven ‘freemium’ business model, combining subscriptions and premium advertising, has underpinned our consistent track record of strong, profitable growth,” chief executive Gordon Willoughby said.

The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 21.3 million euros on revenue of 72 million euros for the first nine months of 2021, it said.

It targets annual revenue growth above 20% in the medium term.

In addition to the new shares, existing owners Highland Europe Technology, which holds a 55% stake, and HPE Institutional Fund, which has 13%, intend to sell a yet undetermined number of existing shares to create a “meaningful free float.”

Proceeds will be used for investments including marketing, staff, developing its service and software, and possible acquisitions, the company said.

Morgan Stanley (NYSE:MS) and BofA Securities are global coordinators for the offering, with ABN Amro and Barclays (LON:BARC) Bank acting as bookrunners.

The group now named “WeRock N.V.” will change its name shortly before the listing to better reflect the full scope of its activities, a spokesperson said.

($1 = 0.8804 euros)

WeTransfer owner seeks Amsterdam IPO, plans $182 million share issue

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

France’s OVH to ride thriving cloud market wave after sales beat

Previous article

Factbox-How UK retailers fared over Omicron-hit Christmas

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News