28 June 2017
Waberer’s International Zrt. €72.9m Initial Public Offering, Hungary
STJ advised on the first IPO on the Budapest stock exchange in 19 years for Waberer’s, the European leader in full truckload (FTL) transportation with a fleet of over 3,500 vehicles. The €72.9 million offering values the company at €291 million. The deal comprised a primary offering to fund the acquisition of Polish rival Link and a secondary offering by Mid Europa Partners (MEP). STJ advised Mid Europa Partners and management for a period of ten months.
During the roadshow for the offering, management met with over 80 institutional investors, resulting in the company having over 50 new institutional investors from Hungary, the region, Europe and the US in addition to a widespread Hungarian retail and employee investor base. This response is especially noteworthy as the offer occurred during a difficult period for small/mid cap IPOs, with one being withdrawn and another trading down c.20% on its debut in the week prior to Warberer’s pricing.
STJ advised on bank selection, development and crafting of the equity story coordination of a bespoke early marketing plan in London, Warsaw and Budapest, research review, offer structure - including a change to Hungarian law required to facilitate the transaction, roadshow and book building tactics.