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Czech 'Uber for trucks' company set for September London float

Stock MarketsAug 31, 2021 17:30
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2/2 © Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo 2/2

By Abhinav Ramnarayan

LONDON (Reuters) - Czech payments firm Eurowag plans to launch an initial public offering (IPO) in London in the coming weeks, according to two sources familiar with the plans, in a deal that could kick off what is expected to be a hectic season for share sales.

The company, which counts private equity firm TA Associates among its owners and offers payments solutions for the transportation industry, is targeting a 2 billion euro ($2.36 billion) market capitalisation, the sources said on condition of anonymity.

Citi, Jefferies and Morgan Stanley (NYSE:MS) are the global coordinators on the deal.

Eurowag provides services such as vehicle fuelling, a unified system of electronic toll payment across a number of European countries and VAT refunds to trucking firms in 30 countries.

The company's core customers are small companies with one to five trucks, which make up 80% of the industry and are in strong demand as Britain and other countries face a severe shortage of truck drivers that is disrupting supply chains.

Eurowag seeks to connect businesses and shipping companies with small trucking businesses in a similar manner to the way Uber (NYSE:UBER) connects drivers to customers, chief executive Martin Vohanka said.

"The trucking industry faces a big disruption, an 'Uberisation', and that's what Eurowag is looking to do - except it is for trucking companies," he told Reuters, although he declined to comment specifically on any listing plans.

Vohanka, who founded the business in 1995, owns a majority stake, while TA Associates took a stake of almost 33% in 2016.

Eurowag revenues in 2020 were 125.5 million euros, with core earnings of 57 million, the company said.

Czech 'Uber for trucks' company set for September London float
 

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