WARSAW/GDANSK, Poland - Shares in Polish e-commerce group Allegro leapt more than 50% on their trading debut on Monday, giving the company a market value of about $17.6 billion in Europe’s biggest IPO so far this year.Allegro’s strong start mirrored the performance of some recent U.S. IPOs that have shot up on their first days of trading, demonstrating investors’ willingness to pay for growth.
“When pricing deals like Allegro, it is more important to build momentum than to maximize price on day one,” said Christoph Stanger, who co-heads Goldman Sachs’ European equity capital markets business, which helped organise the IPO. However, investor appetite seems to be reserved for tech and growth companies - sectors that corporate Europe is light on compared to the United States, where a number of blockbuster tech IPOs have priced this year.
It immediately became the most valued company on the Warsaw bourse and Poland hopes the initial public offering will boost the exchange which has struggled to attract new listings and seen a drop in turnover.
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