Until September, primary equity markets in central and eastern Europe (CEE) had been largely dormant for nearly three years. In 2019, IPO volume from the region, including Russia and Turkey, totalled just $356 million.
That all changed with the $2.7 billion listing in Warsaw of Polish ecommerce player Allegro, the second-largest IPO in Europe this year and the largest in CEE since 2007.
Tim Umberger, partner at emerging markets fund manager East Capital, says the deal “put CEE back on the map” for many global investors.
“Allegro is a fantastic asset with a lot of scarcity that effectively offered emerging market-type growth at close to developed market levels of risk,” he says.
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