Baltic ad group BCG plots London IPO
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Baltic Classifieds Group (BCG) has today announced its intention to undertake an initial public offering (IPO) in London.
The company, owned by private equity fund Apax Partners, said it expects the offer to consist of both new shares and existing shares to be sold by Apax.
It is targeting a free float of at least 25 per cent of issued share capital and expects to be eligible for inclusion in the FTSE indices.
BCG operates 12 leading classifieds sites in the Baltics, across automotive, real estate, and jobs and services.
The firm’s portals attracted 69.2m visitors on average per month in the last financial year, equivalent to 11.5 visits per Baltic citizen.
During that period, BCG notched up €42.3m in revenue and €33m in core earnings, a 20.5 per cent and 22 per cent jump respectively on the previous 12 months.
“Best-in-class leadership positions, unique synergies between vertical and generalist portals and industry-leading Adjusted EBITDA margins and cash generation are the characteristics that define Baltic Classifieds Group,” said CEO Justinas Šimkus.
“Our intention to list on the London Stock Exchange is an important milestone for our company, and we are looking forward to it with great excitement.”
Trevor Mather, chair of BCG, added: “I believe this presents an opportunity for public market investors to become shareholders in a high-quality business at an early stage of its monetisation journey.”