Poland's Allegro expected to announce listing plans next week: sources

WARSAW/FRANKFURT (Reuters) - Polish commerce platform Allegro has submitted its initial public offering prospectus and is expected to announce next week its listing plans, market sources said, which would be the biggest debut on the Warsaw bourse since 2007.

In July sources said that Allegro’s owners - private equity funds Cinven, Permira and Mid Europa Partners - are pressing ahead with efforts to list the company in Warsaw in September.

Three sources said that Allegro, which competes with eBay EBAY.O and Amazon AMZN.O, will next week announce its intention to float, with the share offer planned for mid-October. The company has submitted an IPO prospectus, two sources also said, with one specifying the document was filed in Luxembourg.

Allegro was not immediately available to comment.

Allegro’s IPO is likely to be the biggest in Warsaw since 2007 with its owners looking to raise $2.3 billion to $3 billion from the share sale, which would value the entire business around $11 billion, sources said in July.

If successful, it is expected to attract more companies to the Warsaw bourse, which has seen turnover decline and has struggled to attract new listings as companies can often find cheaper funding via other routes.

It will also reinforce signs that the European IPO market is picking up after the COVID-19 pandemic curbed activity in the first half of the year. German defence supplier Hensoldt filed to list its shares in Frankfurt later this month following Caravan maker Knaus Tabbert’s announcement last week of its own listing plans.

At the start of this month though Poland’s consumer watchdog launched an investigation into commission fees charged by Allegro, a potential setback for the online auction site as it readies for the possible IPO.

Reporting by Agnieszka Barteczko and Anna Koper in Warsaw, Arno Schuetze in Frankfurt and Abhinav Ramnarayan in London; editing by Emelia Sithole-Matarise