The Czech company Eurowag wants to issue shares in London for about 200 million euros (about 5.1 billion crowns). The company thus confirmed earlier media speculation in today’s report to the London Stock Exchange. The plan assumes that part of the shares in the primary public offering (IPO) will be newly issued by the company, the rest of the offered shares will be owned by some current shareholders.
Reuters reported on the plan in May with reference to its sources. It said in August that Eurowag intends to achieve a valuation of around two billion euros.
The main subscription managers are investment banks Citigroup Global Markets, Morgan Stanley & Co and Jefferies International. The financial houses Numis Securities and UBS will also participate in the subscription. Eurowag’s financial advisor is Rothschild & Co.
Eurowag was founded in 1995 under the name WAG by businessman Martin Vohánka, who, according to Forbes magazine, is one of the richest Czechs with an estimated assets of around 7.5 billion crowns. Eurowag’s services, which include refueling, tolls, tax refunds, fleet management and financial services, are used by over 350,000 vehicles in around 30 countries in Europe, Asia and the Middle East.
Last year, Eurowag generated a profit before interest, taxes, depreciation and amortization (EBITDA) of approximately EUR 57 million (CZK 1.45 billion), which was an increase of 22 percent compared to the previous year. Net sales reached 125.5 million euros (3.2 billion crowns) and a profit margin of 46 percent.
Vohanka has a 59.1 percent stake in the company, and another 32.67 percent was held by private equity firm TA Associates at the end of last year.