WeTransfer in talks with banks as it eyes IPO

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File-sharing giant will most likely seek a listing on the Amsterdam exchange.

Dutch file sharing giant WeTransfer is in talks about a stock exchange listing, according to Sky News. The British broadcaster also says that Amsterdam is the likely destination.

The company is based in the Netherlands and offers a number of content-sharing and presentation apps. This is in addition to its core offering, which allows tens of millions of users to share large digital files.

According to Sky, WeTransfer is ‘joining the queue of European technology companies lining up to go public.”

The company is already in talks to appoint investment banks to oversee the initial public offering (IPO), they say.

Bas Beerens and Ronald Hans founded WeTransfer in 2009. Apparently, the idea arose from Beerens’ frustration at not being able to share large files easily.

According to the Financieele Dagblad, a flotation could value the company at some $1bn. In 2018, the Telegraaf first reported that the company was considering a European IPO.

Sources said the company will likely be hiring advisers to work on the IPO in the coming weeks. The size and precise timing of the offering were unclear as of Sky’s reporting.

COVID-driven growth drives the planning for an IPO

WeTransfer has seen a substantial surge in demand since the start of the coronavirus pandemic. The emergency and resulting lockdowns made hundreds of millions of people move to remote working. The company is just the latest in a string of tech ‘unicorns’ preparing to float an IPO on the back of a COVID-19-inspired jump in revenues.

Tip: WeTransfer sent files to wrong recipients