Saturday 28 May 2022

WeTransfer confirms Amsterdam IPO plans, listing set for next week

Euronext Amsterdam. Photo: DutchNews.nl

The parent of online file transfer company WeTransfer has confirmed its plans to list on the Amsterdam stock exchange next week, saying that it will issue approximately €125m in new shares alongside a secondary offering of up to 5.4 million existing shares by its current owners and managers.

The company, now known as We Rock and which will be renamed The Creative Productivity Group NV, has 87 million monthly users and estimates sales of more than €100m in 2021.

We Transfer reported adjusted pre tax earnings of €21.3m in the first nine months of last year and is targeting medium term growth of over 20%.

We Transfer, which offers a variety of content sharing and other apps, was founded in Amsterdam in 2009 by Bas Beerens and Ronald Hans and evolved from frustration at not being able to share large files easily online.

The company is said to have seen a surge in demand since the start of the pandemic as more people work from home. The company also donates 30% of its advertising real estate to raise awareness for artists and creative work.

Trading

The first day of trading has been set for 28 January, according to a company press release.

According to the Financieele Dagblad, the flotation is being rushed because of the poor bourse climate and market for IPOs.

The company expects the IPO will result in a value of between €629m and €716m, but this is well down on earlier forecasts of around €1bn, the paper said.

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