EME Strategy: Allegro’s IPO – smaller than expected initially, but still large
Today (22 September), Bloomberg reported that Allegro intends to raise c.USD 2.1bn from its IPO. Although this is less than the estimates reported earlier by Parkiet (USD 2.3-3.0bn), it may still be the largest offering in the history of the Warsaw Stock Exchange (GPW). Nonetheless, we have decided to update our estimates of the weights we presented in our recent GPW report and the fund flows stemming from the stock’s inclusion in the indices, as we believe that the index providers may add the stock under the extraordinary revision rules. We stress, however, that our fund flows estimates refer to passive flows only, as active flows may be highly unpredictable, given the possible short period of time between IPOs and likely inclusions in indices.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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