Allegro said to cover books within opening hours of IPO

Listed online retailer Allegro picked up bids inside the first four hours of its would-be PLN 8 bln initial share offering to cover the full offer, albeit at a smattering of prices, insiders to the ongoing book building told PAP.

"Books are already covered all over the range," one local fund manager told PAP of the latest.

Allegro is selling a maximum of 187.8 mln shares, some 18% of the firm, including up to 163.6 mln existing shares from current shareholders. The offer assumes a 15% over-allotment option for existing shares.

Shares have been guided in a range of PLN 35 to 43 per share.

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