Asbis starts its European offer

11-10-2007, 11:40

Warsaw (Puls Biznesu) – Asbis, the Belarusian IT and multimedia distributor, with PLN 3bn (EUR 799m) of sales in 70 countries wants to be listed on the Warsaw Stock Exchange.

Asbis, a company registered in Cyprus but founded in Belarus, started its IPO worth at least PLN 170m yesterday. The offer is directed to Polish and EU investors. Next to the new issue, private equity funds which invested in the company five years ago will be selling their stakes. The price range has been set at PLN 7.5-9.2. The final price will be known before October 19th. The company plans its debut in Warsaw on October 30th. Asbis is already listed on the London AIM but the volume of trade is very low there, hence decision to be listed in Warsaw.

Asbis has very strong position on the markets of former Soviet Union where nearly half of its sales are generated. The company is also present in new EU countries, it develops sales in Western Europe, the Middle East and Africa. If the maximum price is reached, Asbis may raise about PLN 82.9m in the offer.

“The aim of the issue is to get funds to invest in further development of our own brands – Prestigio and Canyon. The group will get bigger rebates for shorter payment period. We also plan to increase the portfolio of products”, Serhei Kostevich, Asbis CEO and one of main shareholders said.

In the first half of the year, Asibs sales amounted to USD 540m, or 26.7 percent more than a year earlier. The net income amounted to USD 3.2m, or 27.4 percent more. ING Securities offers the shares while Deloitte & Touche is the company’s auditor.

(PLN 1 = EUR 0.267)

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