This content is not available in your region

Czech 'Uber for trucks' company set for September London float

Czech 'Uber for trucks' company set for September London float
Czech 'Uber for trucks' company set for September London float   -   Copyright  Thomson Reuters 2021
By Reuters

By Abhinav Ramnarayan

LONDON – Czech payments firm Eurowag plans to launch an initial public offering (IPO) in London in the coming weeks, according to two sources familiar with the plans, in a deal that could kick off what is expected to be a hectic season for share sales.

The company, which counts private equity firm TA Associates among its owners and offers payments solutions for the transportation industry, is targeting a 2 billion euro ($2.36 billion) market capitalisation, the sources said on condition of anonymity.

Citi, Jefferies and Morgan Stanley are the global coordinators on the deal.

Eurowag provides services such as vehicle fuelling, a unified system of electronic toll payment across a number of European countries and VAT refunds to trucking firms in 30 countries.

The company’s core customers are small companies with one to five trucks, which make up 80% of the industry and are in strong demand as Britain and other countries face a severe shortage of truck drivers that is disrupting supply chains.

Eurowag seeks to connect businesses and shipping companies with small trucking businesses in a similar manner to the way Uber connects drivers to customers, chief executive Martin Vohanka said.

“The trucking industry faces a big disruption, an ‘Uberisation’, and that’s what Eurowag is looking to do – except it is for trucking companies,” he told Reuters, although he declined to comment specifically on any listing plans.

Vohanka, who founded the business in 1995, owns a majority stake, while TA Associates took a stake of almost 33% in 2016.

Eurowag revenues in 2020 were 125.5 million euros, with core earnings of 57 million, the company said.