Baltic Classifieds looks to raise around EUR120mln in fresh capital when it floats

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Baltic Classifieds Group PLC has confirmed it intends to float on the London Stock Exchange at a price yet to be determined.


The company will come to the market by way of an initial public offering in which it aims to raise around EUR120mln in new capital, while existing shareholder ANTLER EquityCo, a company owned by funds advised by private equity group Apax, will also be selling off some of its shares.


The funds received from the flotation will be used to pay down debt.


The websites operator company claims to be the leading classifieds group in the Baltic region.


“Best-in-class leadership positions, unique synergies between vertical and generalist portals and industry-leading Adjusted EBITDA margins and cash generation are the characteristics that define Baltic Classifieds Group,” said Justinas Simkus, the chief executive officer of Baltics Classifieds.


Trevor Mather, the chair of Baltics Classified, said the group is led by a management team that has deep classifieds experience.


“It’s understood that online classifieds businesses, which have considerable network effects, are ones where number one market positions tend to be self-reinforcing but I have not seen within one company a collection of classifieds businesses that consistently exhibit such strong market leadership positions,” Mather said.


“Baltic Classifieds Group has leading positions in the Automotive, Real Estate and Jobs and Services verticals which, together with our leadership in generalist marketplaces, have created a truly significant competitive moat,” he added.

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