XTB: IPO values business at $400 million, bookrunners go up to $618.4 million

Rick Steves

Setting the top price at 13 zlotys per share for 16.43 million shares, XXZW Investment Group SA – owned by XTB Founder Jakub Zablocki – is valuing 14% of Polish online broker X-Trade Brokers (XTB) at approximately $56.11-56.19 million. That means valuing the company at little over $400 million, which is considerably low compared to […]

XTB: IPO values at $400 million, bookrunners $618.4 million

Setting the top price at 13 zlotys per share for 16.43 million shares, XXZW Investment Group SA – owned by XTB Founder Jakub Zablocki – is valuing 14% of Polish online broker X-Trade Brokers (XTB) at approximately $56.11-56.19 million. That means valuing the company at little over $400 million, which is considerably low compared to reported bookrunners’ calculations earlier this month: between $484 million and $618.4 million. The book-building started on Thursday and will end on April 26 and XTB will receive no proceeds from the sale of its shares by the shareholder.

Financial derivatives broker XTB, born in 2004 as a result of a merger to comply to regulation in Poland, is already established in 12 countries in Europe, Asia and South America, providing over-the-counter trading on Forex, commodities, indices, equity CFDs, and options. The company that plans on paying dividend from 50 to 100 percent of its standalone profit after 119 million zloty of consolidated profit in 2015, is confident of what Brexit and Donald Trump may bring to financial markets’ trading.

XTB founder Jakub Zablocki said at a press conference: “Big things may also happen this year, such as Brexit or Donald Trump’s win” in U.S. presidential elections, which “may impact financial markets and boost efficiency of our business and help increase our revenue. For a broker like XTB and its clients, these are the tailwinds.”

trump

“Entering the stock exchange would boost our credibility, including potential institutional clients. Being a publicly traded company may also help us in taking over other European companies.”, he added.

Zablocki, a former currency trader at the Polish unit of Commerzbank AG and the founder of XTB, sold a minority stake, 19 percent, to Enterprise Investors in 2010 for 224 million zloty. Zablocki declared he will not be selling more of his shares within 540 days and Enterprise has a 180-day lock-up besides of wanting to “remain a significant minority shareholder in this dynamically growing company”.

The Initial Public Offering will take place at the Warsaw Bourse, with J.P. Morgan Chase & Co., UniCredit SpA, Pekao Investment Banking SA and Ipopema Securities SA managing the sale. In June 2015, Reuters had reported XTB was considering listing an offering worth up to $224 million.

Read this next

Digital Assets

BlockTower teams up with Centrifuge to bring real world assets to DeFi

The protocol empowers businesses to tokenize non-crypto assets such as mortgages, invoices and consumer credit, to create asset-backed pools that create an investment opportunity, and as a result, democratizing access to capital.

Digital Assets

Solana-powered game DeFi Land launches Play-and-Earn features

The Play-and-Earn mechanics announcement comes on the heels of a collab between DeFi Land and STEPN. DeFi Land will soon announce chain integrations, an alpha mobile version, and a multichain feature. 

Retail FX

Spotware rolls out Manager’s API for cTrader brokers

Spotware Systems, a technology provider for the electronic trading industry, has released its new Manager’s API for Brokers, providing powerful tools for server-server integration.

Metaverse Gaming NFT

Dubai Museum taps Binance to jump onto NFT bandwagon

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few weeks ago, is joining forces with Binance NFT to roll out a range of digital products on blockchain.

Digital Assets

Ripple and Lithuanian FINCI partner for XRP-based payments

Ripple is looking to expand its presence in Europe, forming a new partnership with Lithuanian electronic money institution FINCI.

Digital Assets

Crypto.com enables Shopify merchants to accept crypto payments

Crypto.com has integrated with Canadian e-commerce giant Shopify so global merchants can accept crypto payments and save on processing fees through cash-final settlements.

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

<