Polish retail giant CCC announced on the 3rd July that SoftBank Group will invest 500 million zloty ($ 130 million) in its affiliated shoe shopping site “eobuwie”. eobuwie is planning an initial public offering (IPO).
“This transaction will provide us with an appropriate level of funding for obuwaie.pl’s business plans. It will give momentum to business expansion and strengthen the company’s fundamentals.” Ahead of the IPO, the company said it could strengthen its ownership structure.
The IPO is planned to take place within the next 12-24 months.
SoftBank Vision Fund 2 purchases eobuwie convertible bonds. Convertible bonds are automatically converted to eobuwie shares when an IPO or “similar” transaction is conducted. It is also possible to convert the stock value of eobuwaie into stock at a level evaluated as 6 billion zloty.
Poland’s largest shoe retailer, CCC, has begun looking for a minority shareholder to invest in eobuwie last year to strengthen online sales, as retail sales have been sluggish due to the epidemic of the new coronavirus.
Earlier this year, it sold a 20% stake in eobuwie to media and telecommunications company Cyfrowy Polsat and A & R Investments for a billion zloty.