Innova ups IRR to 60% on final Wirtualna Polska exit

In an accelerated bookbuilding, the GP sold its 27% shareholding in the Warsaw-listed company at PLN 50 per share, implying a windfall of PLN 387m for the block. The GP claimed in a statement that the share sale brings its IRR on the investment to more than 60%.

The exit comes around 18 months after Innova and then-co-investor MCI Management floated WP on the Warsaw Stock Exchange with a market cap of around PLN 1bn. In the interim, WP's market cap has grown to more than PLN 1.5bn from its introductory share price of PLN 32.

Innova claimed in a statement that WP had seen EBITDA grow by 2.5x during the GP's tenure as owner.

Previous funding
Tapping its Innova/5 fund, a $388m 2008-vintage fund, Innova acquired WP in a PLN 375m deal that saw it merged with Grupa o2 in October 2013. In February the following year, CEE-focused tech investor MCI Management acquired a 20% stake in the company.

WP was floated in May 2015 at a PLN 1bn market cap at PLN 32 per share, with Innova selling a 35% stake.

Company
Founded in 1995, WP is an internet portal offering information, communication services and an advertising platform in Poland. Headquartered in Warsaw, it also provides music streaming services for both mainstream and independent bands.

People
Innova Capital – Magdalena Magnuszewska (partner).

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