Hungarian trucking company Waberer’s International announced on June 6 that it hopes to raise €50mn in an IPO on the Budapest Stock Exchange.
Should it go through, the float would be the biggest listing on the sleepy bourse in more than a decade. Waberer's has been viewed as a candidate that could potentially help revitalise the Hungarian stock market since the BSE was taken over in 2015 by the Magyar Nemzeti Bank (MNB).
Waberer's said it plans to use around €32mn of the proceeds to finance the acquisition of Link, one of the fastest growing haulers in Poland. The takeover of the company would complement Waberers portfolio, analysts said. The remaining proceeds would go towards working capital financing and general purposes.
”This is the right time to go ahead with our growth strategy," CEO Ferenc Lajko said in a statement. "As the largest player in full truckload shipping (FTL) segment in Europe, we believe we can lead the consolidation in the sector and the acquisition is the first step in this process to strengthen our positions."
The IPO will comprise an offering of new ordinary shares and also existing shares held by CEE Transport Holding BV. Waberer's did not disclose how many existing shares would be sold, but said that after the IPO it expects its free float to be at least 50%, according to Reuters. The float will be managed by Citibank, Erste, Berenberg and Renaissance Partners.
Waberer’s had looked to have given up on its IPO plans last year, when private equity fund Mid-Europa Partners raised its stake to 97.1% and delisted the transport company’s registration from the BSE, after founder and CEO Gyorgy Waberer sold all his shares. The listing would make the company the fifth largest firm on the BSE in terms of market capitalisation.
Waberer is the largest player in full truckload shipping segment (FTL) with a fleet of 3,550 and the average age of which is below two years. The company’s revenues rose 9.5% to €572mn last year, with Ebitda up 12.1% to €73.6mn.
Some creditor banks of struggling Saudi construction giant Oger’s Dubai-based unit Oger Telecom are in unofficial talks to sell its 55% stake in Turkey’ largest telecom operator Turk ... more
The Ukrainian authorities have issued domestic government bonds in the amount of UAH22.5bn (€759mn) in exchange for the bank’s shares as part of the additional capitalisation of nationalised ... more
State-controlled Polish power firm Tauron has sold €500mn worth of eurobonds, the company said on July 5. Tauron needs capital to refinance the costs of construction and the purchasing of a ... more