Poland’s newest stock listing became the largest company on the country’s main exchange, highlighting investor demand for technology exposure as the Eastern European nation is introduced to Nasdaq-level valuations.
Allegro.eu SA shares jumped as much as 61% to 69.20 zloty in its first trading session in Warsaw on Monday. Settling at about 50% higher from its listing price in the first hours of trading, the company is now valued at 67 billion zloty ($17.7 billion). The firm and its private-equity investors priced the IPO at the top end of a marketed range, cashing in on soaring demand for digital sales as consumers stuck at home indulge in virtual retail therapy.
“Allegro provides high exposure to the fast-growing Polish e-commerce market and draws comparison to Amazon, which may be an attractive investment option for foreign investors, who took up most of the shares in offering,” Jaroslaw Niedzielewski,