Breakingviews - Capital Calls: Allegro shareholders get out early

  • 3/17/2021
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ALLEGRO EXIT. Shareholders selling shares in initial public offerings usually can’t ditch any more stock for 180 days. Funds advised by buyout groups Permira, Cinven and Mid Europa, however, offloaded 7.5% of Polish e-commerce group Allegro in Tuesday night at a 6% discount, weeks before the so-called “lock-up period” ended. Minority holders of Allegro may be underwhelmed. But it’s not uncommon for sellers to get permission from banks arranging IPOs to sell early, especially when there’s not long to go and the stock hasn’t performed poorly. Shareholders ought to be more concerned about Allegro’s poorly received 2021 guidance divulged earlier this month. And the spectre of Amazon.com: after much speculation the Seattle-based giant opened a Polish site. Still, with Allegro up almost 40% on the IPO, things could be worse. (By Dasha Afanasieva)

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