The Strategist

File-sharing service WeTransfer cancels IPO due to market volatility



01/28/2022 - 08:56



One of the first major IPOs in Europe this year was derailed by market volatility. Dutch file-sharing service WeTransfer announced it had cancelled its listing the day before the start of trading.



Christiaan Colen
Christiaan Colen
File-sharing service WeTransfer has cancelled its IPO on the eve of its listing on the Euronext stock exchange in Amsterdam. This is according to the company's website. 

WeTransfer attributed the decision to "unstable market conditions", noting significant interest from investors. 

"While we have decided not to continue listing due to volatile market conditions, our commitment to meeting the needs of our global community of 87 million monthly active users remains as strong as ever," WeTransfer CEO Gordon Willoughby is quoted as saying in the statement. He also added that the company will continue to follow its strategy and growth trajectory, noting that the service is capitalizing on new opportunities.

The company announced that it had set a price range for its upcoming IPO a week ago, on 20 January.  The service planned to raise €125m ($140m) in the offering. The shares were priced in the €17.5-20.5 ($19.7-23.1) range. At the top end of the range, WeTransfer would have been valued at €716m - more than $807m. At the time, the company expected the first day of trading to be January 28.

source: ft.com




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