Softbank has announced that it will invest 500 million zlotys ($130 million) in the Polish online shoe shop eobuwie ahead of its planned initial public offering (IPO), its majority shareholder retailer CCC said.

“The deal will ensure the appropriate level of financing of eobuwie.pl`s business plan, allowing its expansion to be speeded up and the company’s fundamentals to be strengthened,” CCC said.

It will also increase the ownership structure of eobuwie.pl, preceding its IPO, which is planned within the next 12-24 months, CCC added.

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SoftBank Vision Fund 2, part of Softbank group, will buy eobuwie bonds, convertible into shares.

These bonds will then be changed into eobuwie shares in the event of its IPO or a “similar” transaction, CCC said. These funds will also change the conversion at a fixed equity valuation of 6 billion zlotys of eobuwie.

CCC, Poland’s biggest shoe retailer, has seen a fall down in brick-and-mortar sales due to the pandemic and started to look for a minority investor for eobuwie last year as it tried to boost online sales.

Earlier this year, it sold a 20% stake in eobuwie to media and telecoms firm Cyfrowy Polsat and A&R Investments Ltd for 1 billion zlotys.

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