Polish ecommerce company allegro is set for the countrys biggest-ever stock market debut after setting the price for its listing on the warsaw exchange at 43 zlotys a share.

Allegro said it would sell 213.5m shares and raise 9.2bn zlotys, valuing the groups equity at 44bn zlotys ($11bn), making it polands most valuable listed company.

The hotly anticipated ipo is the latest sign of increased investor interest in digital companies during the pandemic, and could give a shot in the arm to warsaws stock exchange, which is dominated by state-owned groups and has struggled to attract listings in recent years.

Allegros listing, which tops the previous record of 8.1bn zlotys raised by insurer pzu in 2010, is expected to be followed this year by debuts from other retail and gaming companies, including the clothing group , and the mobile games application provider huuuge.

Allegro, which competes with the likes of amazon, said it was raising about 1bn zlotys in funds in the offering by selling 23.3m new shares, and that it expected to use the bulk of the proceeds to cut its debt.

The remainder of the proceeds of the ipo will go to the three private equity groups cinven, permira and mid europa partners that bought the business from south africas naspers in 2016 in a $3.25bn bet on polands growing middle class and rapidly expanding online market.

Poland has been one of the eus fastest-growing economies over the past decade, but despite being a leader in digital payments, has a relatively small online retail market, which allegro says gives it scope for further growth.

Allegro, which announced on friday that it was increasing the size of the deal in response to investor interest, has an overallotment option to increase the offering by 15 per cent once the stock starts trading on october 12.

If the banks underwriting the ipo exercise in full their option to sell the additional shares, which would come from the three private equity groups, the size of the ipo would increase to 10.6bn zlotys, and the free float would rise from 21 to 24 per cent.

Founded in 1999, allegro has about 12.3m active buyers. last year, it made a net profit of 399m zlotys, up 73 per cent from a year earlier. revenues were 2.39bn zlotys, up 31 per cent on 2018.