“We initially planned the debut in 2008. Now, 2009 seems more probable”, Adam Daszkowski, Adpol CEO said.
The company with headquarters in Chelm has not started to prepare its issue prospectus yet. It is currently choosing advisor and implementing international accounting standards. Adpol does not reveal how much it would like to raise on the stock exchange. It needs funds to modernize its plant and to acquire rival firms. Its investment program provides for PLN 20m (EUR 5.5m).
“With some investments we don’t need to wait till the debut. Some funds, about PLN 10m will be spent from our own funds and credits. At the end of the third quarter, we will start developing the production facility. We are also going to buy new machines’, the CEO added.
Thanks to these investments, sales will grow from PLN 5-6m today to PLN 9-10m in 2009.
Adpol will wait with acquisitions till its debut.
“We are leading informal talks but we leave this issue for later. We will buy companies from our sector for the money raised in the debut”, the CEO said.
The company said earlier that it would buy 2-3 smaller rivals.
In 2007, Adpol had about PLN 44m of sales against PLN 36m generated in 2006.
(PLN 1 = EUR 0.278)