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CMS advises InPost, a leading e-commerce enablement platform with a market capitalisation over EUR 8 bn on its IPO on Euronext Amsterdam

27 January 2021

International law firm CMS has advised InPost and a private equity fund Advent International, the majority shareholder of the company, on the listing of InPost on the Euronext Amsterdam Stock Exchange. The offer price was EUR 16 per share, making a market capitalisation of EUR 8 billion. This means that InPost’s listing is one of the largest IPO to date of a group originating from Poland.

In 2017, Advent International invested in InPost Group and started cooperation with Mr. Rafał Brzoska, the founder of the group, and other institutional co-investors. At that time InPost Group was listed on the Warsaw Stock Exchange and was taken private as a result of the investment. This turned out to be a milestone for the further development of InPost Group.

Currently, InPost Group’s Parcel Lockers network consists of over 12,000 machines in Europe, providing delivery services for the entire e-commerce value chain. In 2020, InPost handled nearly 250 million parcel deliveries through its Parcel Lockers. InPost Group has a strong track record of rapid growth having doubled its revenue and nearly trebled its operating EBITDA over the last nine months until the end of September 2020.

Assuming the over-allotment option is fully exercised, the value of the IPO will amount to EUR 3,2 bn in aggregate.

Advent International and InPost Group were advised by a team of CMS transaction lawyers led by Sławomir Czerwiński, a partner specializing in advising private equity funds. The current work of transaction lawyers was coordinated by Jarosław Gajda, counsel supported by Dominika Pietkun, lawyer. The transaction team also included Katarzyna Grodziewicz and Antoni Wandzilak, senior associates, and Jakub Rykowski, lawyer from the transaction team, and additional supervision was provided by Rafał Zwierz, partner managing the Warsaw transaction practice. Graham Conlon, partner, and Valentina Santambrogio, senior associate, advised on English law. In addition, the transaction team was supported by, among others Aleksandra Kuznicka - Cholewa and Paulina Komorowska (intellectual property and personal data protection law), Małgorzata Urbańska and Krzysztof Sikora (competition law), Katarzyna Dulewicz, Agnieszka Kałwa and Michał Tutaj (employment law), Łukasz Dynysiuk and Rafał Dostatni (tax law).

Other legal advisers to InPost and Advent International were also involved in the listing, including Weil, Gotshal & Manges LLP (as to English and US law), Stibbe N.V. and Stibbe Avocats (as to Dutch and Luxembourg law), Bonn Steichen & Partners (as to Luxembourg law). Clifford Chance was the legal adviser to the banks. Deloitte Legal advised the founder of InPost Group, Mr Rafał Brzoska.