Hungarian transport and logistics company, Waberer’s International, has launched an initial public offering (IPO) on the Budapest Stock Exchange (BET), aiming to raise €45 million to finance the acquisition of Polish transport company, Link.
The company has offered up to 14,654,028 securities with a face value of €0.35 each giving a total face value of €5,128,909.80, according to the listing notice on the BET.
According to the Financial Times, the IPO would value the company at up to €364m, and is set to be one the largest on the Budapest stock exchange in more than a decade.
Ferenc Lajko, Chief Executive, told the newswire the IPO, with shares expected to be traded from 6 July, would allow the company to achieve its growth plans. The transport and logistics sector was “crying out for consolidation”, he reportedly said.
Lajko told the Financial Times that acquiring Link would help open up Poland’s large manufacturing sector and labour market to the company, offering a useful way to manage the risk of driver shortages and wage inflation.