Payments & mobility platform Eurowag plans €200 million IPO on LSE

Payments & mobility platform Eurowag plans €200 million IPO on LSE

LONDON, UK: Eurowag, a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry, announced its potential intention to undertake an initial public offering (IPO).

Should Eurowag proceed with the IPO, the company will apply for admission of its Ordinary Shares to the premium listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.

The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately €200 million to support Eurowag’s growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders.

The Offer would be a targeted offering to certain institutional investors.

Immediately following Admission, the Company is targeting a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. It is expected that Ordinary Shares representing up to a further 15% of the Offer will be made available pursuant to an over-allotment option.

Founded in 1995 by its Chief Executive Officer, Martin Vohánka, Eurowag is a pan-European integrated payments & mobility platform focused on the rapidly growing commercial road transportation (CRT) industry.

Eurowag has a proprietary technology platform that simplifies the complex CRT payments ecosystem, offering a one-stop-shop for the payments and mobility needs of CRT customers across Europe.

Over the last 25 years the Group has built a growing and loyal SME customer base with very low customer concentration. Eurowag is continually expanding its product offering through data capabilities which identify customer needs, cross-sell and upsell opportunities.

For the year ended 31 December 2020 net revenues were of €128.6 million, reflecting a three-year CAGR of approximately 32%. On a purely organic basis, the Group delivered a net revenue CAGR of approximately 15% in the same period, further increased to 22% for the six months ended 30 June 2021 compared to the same period for 2020; and

Eurowag increased its Adjusted EBITDA margin by 11 percentage points over this period, from 35% in 2018 to 46% in FY20.

Martin Vohánka, CEO and Founder of Eurowag, said: “Eurowag has built a large payments acceptance network in Europe integrated with complementary mobility services and is at the forefront of the transformation of the commercial road transportation industry. We are poised for a period of rapid growth and remain committed to improving the profitability of fleets and the well-being of drivers, as well as reducing the industry’s carbon footprint.

For over 25 years, Eurowag has used technology to make life easier for commercial road transport operators and drivers, who are the backbone of Europe’s economies. As a business founded in the Czech Republic in 1995, we have grown with our customers to become one of Europe’s leading integrated payments and mobility platform, serving over 100,000 trucks across approximately 30 countries.

I am pleased to announce our intention to list on the London Stock Exchange, the world’s most international market. This is an important and exciting next step in our journey. The prospective IPO will enable us to accelerate our growth and deliver on our vision for every independent CRT company to have access to all the benefits of digitisation at scale, before, during and after every journey.”

Paul Manduca, recently appointed Independent Non-Executive Director and Chair of Eurowag, said: “Eurowag is a strong business with a successful track record of growth and profitability. Eurowag has established itself as a leading pan-European integrated payments and mobility platform focusing on commercial road transport operators, through an extensive payments acceptance network. The company offers comprehensive and innovative solutions whilst helping to drive the energy transition to alternative fuels.

With an experienced management team and a loyal and growing customer base, Eurowag is well positioned to continue its growth trajectory – expanding within its existing markets, growing into new geographies in Europe, and accelerating the digitalisation of the commercial road transportation industry.

I am looking forward to working with Martin and the Board as Eurowag continues to drive the change and deliver sustainable growth in the future.”

The Company has engaged Citigroup Global Markets Limited (“Citigroup”) and Morgan Stanley & Co. International plc (“Morgan Stanley”) as joint sponsors, joint global co-ordinators and joint bookrunners and Jefferies International Limited as joint global co-ordinator and joint bookrunner (together the “Joint Global Co-ordinators”) and Numis Securities Limited and UBS AG (London Branch) have been appointed as joint bookrunners (together with the Joint Global Co-ordinators, the “Joint Bookrunners” or the “Banks”). Rothschild & Co is acting as Financial Adviser to the Company.

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