Transport payment platform Eurowag to go public in London

5 days ago

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The Czech-headquartered fleet management company had revenues of €129m last year and could be seeking a €2bn market cap.

Eurowag, a fleet management and payments platform for the road transport industry, has announced its intention to float on the London stock market.

The company’s move towards an IPO was reported two weeks ago, with Reuters citing an anonymous source as saying Eurowag was targeting a €2bn market capitalisation.

The company has today (13 September) confirmed it will apply for admission to the premium segment of the London Stock Exchange, and will float at least 25pc of issued shares during the IPO.

The offering will include existing shares and approximately €200m of new shares.

Eurowag is currently majority-owned by its founder and CEO Martin Vohánka, while US private equity firm TA Associates took a stake of just under 33pc in 2016.

The company provides services for the trucking industry including fuelling cards, road toll management, tax refunds and electric vehicle management. Much of Eurowag’s customer base is made up of small haulage businesses that operate internationally in Europe.

Founded in 1995, the company is based in the Czech Republic but has 18 offices across Europe, including one in Dublin. It says its fuel cards cover 15,500 stations across 30 countries, and it works with toll operators in 23 countries.

In 2020, Eurowag reported net revenue of €128.6m.

“We are poised for a period of rapid growth and remain committed to improving the profitability of fleets and the wellbeing of drivers, as well as reducing the industry’s carbon footprint,” Vohánka said.

“I am pleased to announce our intention to list on the London Stock Exchange, the world’s most international market. This is an important and exciting next step in our journey.

“The prospective IPO will enable us to accelerate our growth and deliver on our vision for every independent commercial road transport company to have access to all the benefits of digitisation at scale, before, during and after every journey.”

Alongside the IPO announcement, Eurowag said it has appointed Paul Manduca, former chair of insurance company Prudential, as its new chair and independent non-executive director.

Manduca said: “With an experienced management team and a loyal and growing customer base, Eurowag is well positioned to continue its growth trajectory – expanding within its existing markets, growing into new geographies in Europe, and accelerating the digitalisation of the commercial road transportation industry.

“I am looking forward to working with Martin and the board as Eurowag continues to drive the change and deliver sustainable growth in the future.”

A number of European tech companies have listed on the London Stock Exchange in recent months, including Deliveroo and Wise. Irish fintech Glantus began trading on the AIM market of the London Stock Exchange earlier this year, and Cork cybersecurity company has planned an AIM listing also.

Jack Kennedy is a freelance journalist based in Dublin

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