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The company that owns the WeTransfer file service will be valued at between 629 and 716 million euros ($714-813 million) when it floats on the Amsterdam stock exchange this month, it announced on Thursday.
WeRock, whose name will soon be changed to The Creative Productivity Group NV, has published a prospectus and set a price range for the shares sold at 17.5-20.5 euros each, with a mix of existing and new shares on offer. .
The group expects to raise approximately €125 million in fresh capital from the new shares, while existing shareholders will sell up to 5.4 million shares, leading to a total offering of €285-290 million. euros and a free float of approximately 43.5%.
Proceeds from the primary offering will be used to grow the company’s business, fund potential acquisitions and settle management incentive plans, as well as settle a $23.4 million bill with its majority owner. to convert the preferred shares into common shares.
Current investors include Highland Europe Technology, which holds a 55% stake, and HPE Institutional Fund, which holds 13%.
The company first announced its intention on January 12 to apply for a listing on the Euronext stock exchange in Amsterdam.
It has slightly revised its ambitions downward since it had estimated that the main offer would be around 160 million euros.
The company is best known for the WeTransfer file transfer service, but it also offers collaborative tools.
It announced adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 21.3 million euros on revenues of 72 million euros for the first nine months of 2021 and targets annual revenue growth above 20% in the medium term.
Morgan Stanley and BofA Securities are the global coordinators of the offering, with ABN Amro and Barclays Bank acting as bookrunners.