Allfunds targets $8.3 billion euro valuation in Amsterdam IPO -source

By Abhinav Ramnarayan

LONDON (Reuters) -Madrid-based fund distribution firm Allfunds is targeting a valuation of over 7 billion euros ($8.3 billion) from a planned Amsterdam initial public offering, according to a source familiar with the transaction.

The company launched its bid to list on Euronext Amsterdam earlier on Wednesday, saying it aims to list 25% of its shares on the Dutch bourse.

Funds affiliated with private-equity owner Hellman & Friedman, Singapore's sovereign wealth fund GIC and lenders Credit Suisse and BNP Paribas are among shareholders who are selling shares as part of the deal.

Reuters reported last month that the firm would launch the IPO after the Easter break with a targeted valuation of 7-8 billion euros, citing sources close to the matter.

The company reported adjusted core earnings (before interest, tax, depreciation and amortisation) of 262.7 million euros in 2020, on a pro forma basis.

The European IPO market enjoyed its best quarter since 2015 in the first three months of 2021 with $19.55 billion of capital raised in stock market listings, but a poor debut by Deliveroo amplified concerns around whether the momentum can last.

Allfunds would be among the biggest IPOs in Europe this year so far, along with the completed IPOs of Deliveroo and Vantage Towers, Vodafone's towers business.

It is also a big win for Amsterdam, which has emerged as an early beneficiary after Brexit dented London's spot as the international listing venue of choice for European companies.

Credit Suisse, BNP Paribas, Citi and Morgan Stanley are global coordinators.

($1 = 0.8426 euros)

(Reporting by Abhinav Ramnarayan, editing by Joice Alves)