STJ advises Advent International and InPost on its EUR 3.2bn IPO on Euronext Amsterdam

Largest ever European E-commerce IPO

27 January 2021

To find out more, Contact STJ Advisors

InPost, the leading e-commerce enablement platform, completed its successful up to EUR 3.2bn IPO on Euronext Amsterdam with pricing on 27th January 2021.

The transaction was the:

  • Largest ever European E-commerce IPO
  • Largest ever CEE IPO
  • Largest European cross-border IPO in a decade
  • Largest European Private Equity IPO since 2015
  • Largest Amsterdam IPO since 2016
  • Largest cornerstone tranche since 2011 (EUR1bn commitment from Blackrock, Capital World and GIC)

STJ acted as independent advisor to Advent and InPost’s founder and management team on a dual-track process.

InPost is the leading e-commerce enablement platform in Poland providing delivery services through its network of Automated Parcel Machines (“APMs”) and to-door couriers as well as fulfilment services to e-commerce merchants, and has growing operations in the UK, with a clearly differentiated ESG proposition. The Company has experienced extremely high growth with Revenue CAGR of 58% from 2017-2019 and EBITDA CAGR of 336% in the same period.

As a truly unique solution to the global last mile ecommerce delivery challenge, STJ championed an equity story positioning to capture the scale of the long-term growth and margin dynamics reflective of InPost’s dominance in Poland, and the opportunity to replicate its success internationally. Rather than direct sector peers, this aligned InPost with best-in-class global growth and high cash returns companies. From the outset, STJ’s Strategic Research Advisory team provided Advent with the most accurate fundamental analysis of the prospective market valuation which aligned with the top end of the range where InPost was priced.

Working to optimise the distribution strength of the banking syndicate, STJ spearheaded the extension of the early look process, resulting in more than 64 investors met and culminating in 3 top quality cornerstone investors committing more than EUR 1bn of demand pre-launch at an EUR 8bn Equity Value price point.

The PDIE process engaged with more than 460 investors tapping all available pockets of demand from the international investor community allowing for accurate price discovery when setting the price range.

The books were covered in the first 90 minutes of opening, across the range and on the full deal size. The final price was set at EUR 16, at the top of the EUR 14-16 range, with books multiple times covered and the bookbuilding period accelerated to only 4 days.

STJ advised on all aspects of the intensive 4-month IPO process including, company valuation, contribution to InPost’s investment case and positioning, the appointment and management of the bank syndicate and wider advisory role across the IPO and M&A tracks, the investor marketing process and the key decisions on timing, sizing, pricing and allocation of the IPO.

STJ’s is proud to have helped Advent and Inpost enhance transparency and control to optimise both their decision making, and the outcome, of this highly successful IPO.

STJ has helped its clients to achieve a 100% completion rate, and a positive Day 1 share price performance, in all its European IPOs since 2018.

Back to Transactions

Expert advice to the most sophisticated issuers