Polish ecommerce platform Allegro has filed for an IPO, with plans to raise 1 billion zlotys (€225 million) and debut on the Warsaw Stock Exchange. FT reports that advisers are targeting a valuation of between €10 billion and €12 billion.

The offering will enable the group to repay part of its outstanding debt. Other reasons for the IPO include increasing the group’s public profile and brand awareness, creating a new long-term shareholder base (including employees) as well as liquidity for its existing and future shareholders.

Additionally, the group will receive a new PLN 5.5 billion five-year senior secured term loan and a PLN 500 million (about €112.5 million) multi-currency revolving credit facility to refinance its debt.

Allegro is the largest ecommerce platform in Poland by far. The company’s GMV grew by over 25 percent in 2019 compared to 16 percent growth for the rest of the ecommerce segment in the country, according to a press release. As of this summer, the user base includes 12.3 million active buyers, 117,000 merchants, who all take part in about 32 million transactions every month.

Photo: Allegro CEO Francois Nuyts

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