Payments and mobility platform Eurowag is planning a 200 million euro ($236 million) initial public offering (IPO) on the London Stock Exchange, according to reports.
Eurowag, a commercial fleet management service provider, is planning a free float of a minimum of 25% of issued share capital and anticipates being eligible for the FTSE UK Index Series.
Majority owners — founder and CEO Martin Vohánka and U.S. private equity group TA Associates — will reduce some of their holdings in the IPO, in addition to new shares being floated.
The company provides fuel cards, fleet cards, toll management, electric vehicle governance and other services for businesses in the transportation sector. Founded in 1995 by Vohánka, Eurowag is based in Prague in the Czech Republic and has 18 offices across Europe, including one in Dublin.
See: FinTech Wise Plans Direct Listing On London Stock Exchange
Last year Eurowag saw EBIDTA growth of 22% year-over-year increase to 57 million euros ($66 million), according to a company press release in May. In 2020, net revenues for the year reached 125.5 million euros ($143 million).
Its fuel cards work at 15,500 stations across 30 countries, and with toll operators in 23 countries. Eurowag also operates more than 15,000 point of sale and services a portfolio of more than 100,000 trucks.
The business has grown nearly four times its size since 2015 and currently employs over 1,000 workers. Eurowag’s valuation could hit 2 billion euros ($2.35 billion), according to media reports.
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During the first six months of 2021, some $262 billion was raised on the London Stock Exchange by more than 400 bond issuances, PYMNTS reported. Also in the first half of this year, 100 tech firms in the U.K. became unicorns. The artificial intelligence firm Tractable was the 100th unicorn.
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