Bumech raises on the WSE five times less than expected

opublikowano: 31-12-2008, 11:09

The machine producer hoped to raise PLN 32m on the stock exchange. It will have to manage with one fifth of this amount.

Bumech which focuses on machines for exploration companies, offered 2m shares in its IPO. Investors bought 400,000 shares. Elkop company bought 170,000 shares, or 4 percent of the capital. Initially, the stock price was set at PLN 13.6-16.3 a share which meant that the company could raise up to PLN 32.6m. Then, the issue price was set at PLN 13.6 and the company hoped to raise PLN 27.2m. It raised PLN 5.5m. Bumech management were aware that the issue could fail.

"We did not want to postpone the issue because the company develops dynamically", Miroslaw Szmal, Bumech CEO said.

The company will take a credit. It needs money to increase its production capacity. In 2008, Bumech net income is supposed to grow to PLN 6m up from PLN 2m. Sales should amount to PLN 30.4m.

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