22 september 2020
11:43
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The specialist in digitization of invoices made progress with 35 percent on its first listing. But after a few hours of trading, Unifiedpost has largely lost that profit.
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Unifiedpost
at the opening of the trade on Tuesday to 27 euros. That is 35 percent above the introductory price of 20 euros at which the payment specialist went to the stock exchange. The IPO values Unifiedpost at EUR 608 million. Thanks to the sharp jump in price at the opening, the company immediately flirted with a billion-dollar status. But after an hour of trading, profit was immediately taken and the price profit halved.
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The demand for the pieces was many times beforehand greater than the offer. The pieces would have been overwritten no less than six times. With the IPO, the fintech player raises 252 million euros. Both an increase option and the over-allotment option were exercised.
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Just under 80 million euros, or almost a third of the amount, goes to the selling shareholders. Among them PE Group (vehicle of the Van Rompay family (Hyloris) and Stefan Yee), Smartfin Capital (the technology fund of Jurgen Ingels and Bart Luyten) and Michel Delloye (ex-GBL).
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We received 1.6 billion euros worth of orders while only 160 million euros in pieces were available. That is the highest order rate ever for a Belgian midcap.
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Demand for the shares was strong from the United Kingdom (50%) and the United States (25%), which together took three quarters of the orders. Institutional investors from the Benelux only accounted for 10 percent of the order book. According to the accompanying bank Berenberg, 90 percent of the new shareholders are long-term investors. Only 10 percent of the shares are held by hedge funds.
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The IPO is the third in Brussels this year, after biotech company Hyloris and medtech company Nyxoah. Unlike the two previous debutants, the retail investor was not involved in the operation. Unifiedpost completed its IPO via a direct listing, in which a private placement with institutional investors is immediately followed by a listing. ‘As a result, we only had to keep the books open for two instead of six days, which is not an unnecessary luxury in this volatile climate,’ says Berenberg.
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