TCV-backed Grupa Pracuj lists in EUR 1bn IPO

The offering includes 15,134,278 shares offered by the selling shareholders.

As reported, Grupa Pracuj announced its intention to list in August.

The company announced its IPO pricing of PLN 74 per share in November 2021, equating to an IPO size of PLN 1.119bn (EUR 243.8m).

TCV acquired a minority stake in Grupa Pracuj in June 2017, deploying equity via TCV IX, according to Unquote Data. The USD 2.5bn fund held a final close in August 2016 and generally deploys equity tickets of up to USD 250m, backing growing technology companies. Grupa Pracuj was valued at around EUR 400m at the time of the funding round, according to contemporary press reports.

TCV owns a 27% stake in Grupa Pracuj, with the majority owned by management, including CEO Przemyslaw Gacek, as reported.

Goldman Sachs, Citi, Dom Maklerski Banku Handlowego and Trigon are acting as joint global coordinators and joint bookrunners, according to Unquote sister publication Mergermarket. Numis Securities is acting as joint bookrunner, with MBank as co-manager.

Company
Grupa Pracuj was founded in 2000 and employed 700 staff at the time of TCV's investment. The company now has 800 employees, according to TCV's website. It operates via three brands: Polish recruitment service Pracuj.pl, which generates 80% of the group's revenues; Ukrainian recruitment platform Robota.ua, which accounts for 12%; and recruitment management system eRecruiter, which generates 8% of the company's turnover. Grupa Pracuj launched blue-collar recruitment platform Dryg.pl and IT sector-focused theprotocol.it earlier in 2021.

The firm's roots lie in Warsaw in Poland, where it has operated since 2000; it expanded to the Ukraine in 2007, but its software is used in more than 40 countries, according to TCV's website.

According to a statement, Grupa Pracuj posted revenues of PLN 343.8m (EUR 74.6m) in 2021 from its contracts with clients, versus PLN 299.3m (EUR 65.3m) in 2020 and PLN 367.5m (EUR 80m) in 2019. It posted adjusted EBITDA of PLN 200m (EUR 43.5m) in 2020.

People
Grupa Pracuj – Przemyslaw Gacek (CEO).
TCV – John Doran, David Yuan (general partners); Muz Ashraf (principal).

Advisers
Company – White & Case (legal)

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