(Alliance News) - Czech payments company Eurowag on Monday announced tentative plans to list on the London Main Market.
Eurowag, which provides payments services to the commercial road transportation industry, said EUR200 million worth of new and existing shares would be sold if it were to go ahead with its London float.
Founded in 1995, the firm focuses on energy payments, through a card network of about 15,500 acceptance points in about 30 countries in Europe, and toll payments across 23 countries in Europe. It also offers tax refund services and fleet management services.
Reuters in May reported the planned float could value Eurowag at over USD2 billion.
"Eurowag has built a large payments acceptance network in Europe integrated with complementary mobility services and is at the forefront of the transformation of the commercial road transportation industry. We are poised for a period of rapid growth and remain committed to improving the profitability of fleets and the well-being of drivers, as well as reducing the industry's carbon footprint," Founder & Chief Executive Martin Vohanka said.
In 2020, net revenue reached EUR128.6 million. Eurowag also increased its adjusted earnings before interest, tax, depreciation and amortization margin by 11 percentage points to 46% from 35%.
Vohanka added: "I am pleased to announce our intention to list on the London Stock Exchange, the world's most international market. This is an important and exciting next step in our journey. The prospective IPO will enable us to accelerate our growth and deliver on our vision for every independent [commercial road transportation] company to have access to all the benefits of digitisation at scale, before, during and after every journey."
Eurowag has appointed former Prudential PLC and current St James's Place PLC chair Paul Manduca as it own chair.
"With an experienced management team and a loyal and growing customer base, Eurowag is well positioned to continue its growth trajectory - expanding within its existing markets, growing into new geographies in Europe, and accelerating the digitalisation of the commercial road transportation industry," Manduca said.
By Paul McGowan; paulmcgowan@alliancenews.com
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Prudential (PRU)
St James's Place (STJ)
