WARSAW (Reuters) – Poland’s Allegro has set its initial public offering price at 43 zloty per share, it said on Tuesday, valuing the e-commerce platform at $11.24 billion to go top of the Warsaw Stock Exchange above video games maker CD Projekt.

The company, which started more than 20 years ago as a home-grown rival to eBay, plans to debut on the exchange on Oct. 12.

Allegro is expected to attract more companies to the exchange, which has struggled to attract new listings and seen turnover decline.

It will also change the profile of the bourse, which has traditionally dominated by banks.

Allegro plans to raise around 1 billion zloty ($256 million) from the issue of more than 23 million of new shares and use the proceeds to repay debt.

Its shareholders will sell more than 190 million existing shares which means the free float will amount to 21%.

Owners Cinven, Permira and Mid Europa bought it the company along with online portal Ceneo from South Africa’s Naspers for $3.25 billion in 2016.

Its listing comes amid signs of a pick-up in the European IPO market, after the COVID-19 pandemic curbed first-half activity.

Allegro is the most recognised e-commerce brand in Poland and as of June had around 12.3 million active buyers in its e-commerce marketplace.

Its net profit rose to 290 million zlotys in the first six months of this year from 196 million a year earlier.

($1 = 3.9039 zlotys)

(Reporting by Marcin Goclowski; editing by Kim Coghill)