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(Alliance News) - Shares in WAG Payment Solutions PLC, also known as Eurowag, dropped as it kicked off conditional dealings on Friday.
Eurowag priced its float at 150 pence per share, valuing the company at GBP1.03 billion on admission. The stock was trading at 136p on Friday morning in London, 9.3% below its IPO price and giving a market capitalisation of GBP937.0 million.
Citing Morgan Stanley, Reuters in September reported Eurowag was to price its listing at 175p to 220p per share. The 150p IPO is short of that range.
Founded in the Czech Republic in 1995 by Chief Executive Martin Vohanka, Eurowag processes toll and fuel payments for trucks around the continent.
The IPO comprised of 113 million new shares issued by the company, raising gross proceeds of around EUR200 million to support its growth strategy, as well as the sale of 11 million existing shares.
Eurowag engaged Citigroup Global Markets Ltd and Morgan Stanley & Co International PLC as joint sponsors, joint global co-ordinators and joint bookrunners, and Jefferies International Ltd as joint global co-ordinator and joint bookrunner. Numis Securities Ltd and UBS AG have been appointed as joint bookrunners and Rothschild & Co is acting as financial adviser to the company.
Unconditional dealing of shares will begin on Wednesday.
"Today is an exciting milestone for Eurowag. As a listed company we will be better able to capture the significant opportunity that lies ahead for Eurowag to accelerate our growth plans and build on our position as one of the leading and fastest growing pan-European integrated payments & mobility platforms focused on the commercial road transportation industry," CEO Vohanka said.
By Eric Cunha; ericcunha@alliancenews.com
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