Apax Global Alpha (AGA) has announced that Global-e has completed its IPO and started trading on the Nasdaq Global Select Market, which based on the closing price on 12 May 2021 has led to an uplift of approximately 0.9% of AGA’s Adjusted NAV (or €0.02 per share) at 31 March 2021. The IPO was a primary offering of shares and AGA is not expected to receive any cash proceeds at this stage.
Apax Global Alpha (AGA) has exposure to Global-e through its holding in the Apax Mid-market Israel Fund (AMI), in which AGA is a limited partner. AGA describes Global-e as a leading provider of cross-border e-commerce solutions.
AGA’s NAV uplift
The closing price per share of Global-e’s common stock on its first day of trading, 12 May 2021, was $25.5. AGA says that, at this closing price, and based on closing exchange rates, AGA’s look through position in Global-e is valued at circa €17.4m. This represents an uplift of 234% or approximately €12.2m to Global-e’s fair value at 31 March 20212 and an uplift of around 0.9% of AGA’s Adjusted NAV (or €0.02 per share) at 31 March 2021. AGA says that these figures relate to its look through position of AMI’s overall investment in Global-e and are stated before taking into account any fees, costs, and carried interest.