WeRock NV, the company behind WeTransfer, wants an Amsterdam IPO

WeRock NV, the company behind WeTransfer, wants an Amsterdam IPO

WeTransfer will seek an Initial Public Offering of shares and listing on Amsterdam’s Euronext stock exchange. The news was announced by the owner of the company on Wednesday. WeRock NV said its offer would include both secondary and primary offerings of shares.

WeTransfer has 87 million monthly users and expects to report sales of more than 100 million euros for 2021, according to a statement by the company.

Meanwhile, HTF MI released a research study evaluating the file-sharing software market, showing the industry will see massive growth by 2030.

WeTransfer is a big player

The study shows that the biggest and emerging players in the market are SecureDocs, Intralinks Holdings, Dropbox, Box, WeTransfer, Citrix Systems, IBM Corporation, Microsoft Corporation, Open Drive, Droplr, Huddle, Tresorit, Google & Onehub.

The move by WeTransfer comes at a time when many tech companies are choosing to take the European floats way rather than go for a London IPO.

The latest billionaire to snub the London Market was Sir Richard Brandon after reports came out that The Virgin Group has drawn up plans to list a new special purpose acquisition company (SPAC) in Amsterdam, which should conclude in the coming months.

The free float road

WeTransfer was founded in 2009 in Amsterdam by Rinke Visser, Bas Beerens and Nalden. In October 2021, it announced sales in 2020 that reached 65 million euros.

Chief Executive Gordon Willoughby said that the differentiated and proven freemium business model, which combines subscription and premium advertising, has formed the foundation for the consistent and profitable growth the company experienced.

In the IPO, the company plans to sell 160 million euros in new shares as well as additional existing shares by Highland Europe Technology and HPE Institutional Fund. The goal is to create a meaningful free float. Proceeds will be invested in marketing, staff, services, and acquisitions (where relevant). A date has not yet been set for the IPO.