5/21/2023 0 Comments Sources wetransfer 1b ipo ipo![]() Reuters reports that global stock markets have had a bumpy start to the year. The IPO market reflects the appetite of investors to hedge a risk and with the broader economy under strain, they tend to be reluctant to commit a large sum of cash to a single company. With the broader economic environment showing signs of weakness, WeRock N.V.’s decision to not proceed with its intended initial public offering should not come as a surprise. The listing included both a primary and secondary share offer. Gordon Willoughby, CEO of WeTransfer, says the company will continue “pursuing our strategy and continuing our growth trajectory”.Įven before the cancellation was announced today, WeRock had slightly scaled back its ambitions for the valuation of its listing on Euronext. In a bizarre turn of events, WeTransfer parent announced its decision to cancel the listing but claimed that there was “substantial investor interest”. It aimed to raise around €125M in fresh capital from the listing and revealed that existing shareholders plan to sell up to 5.4M shares, which translated to a total offer size of between €285M and €290M and a free float of around 43.5 per cent. WeRock was offering a mix of existing and new shares during its listing on Euronext. The prospectus also revealed that the Creative Productivity Group NV had set a price range of €17.5 to €20.5 for the shares being sold during the IPO. Last week, the owner of the popular file sharing and collaboration tools, published a prospectus where it announced the listing will see the company valued at between €629M and €716M. The announcement was a sign of European startups maturing and was keenly watched by investors around the world since WeTransfer is one of the major success stories and acted as a beacon for Amsterdam’s tech ecosystem.Īt the time of its announcement, the Amsterdam-based company had also revealed its plan to rename itself to “The Creative Productivity Group NV”. WeRock had first detailed its plan to seek an initial public offering of shares and listing on Amsterdam’s Euronext stock exchange on 12th January. Read more WeTransfer’s initial plan for the IPO
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