Gino Rossi shoe producer to be listed

APA - Austria Presse Agentur
31-05-2006, 16:32

Warsaw (Puls Biznesu) – Gino Rossi plans to raise funds on the Warsaw Stock Exchange tto develop its sales chain.

Warsaw (Puls Biznesu) – Gino Rossi plans to raise funds on the Warsaw Stock Exchange tto develop its sales chain.

Gino Rossi, which is about to be listed, hopes to develop its sales network in upcoming years.

“Our sales may rose by at least 20 percent annually. We want to achieve 12-percent profitability. This year, it will amount to 5.8 percent”, Maciej Fedorowicz, the CEO and shareholder of Gino Rossi said.

The Securities and Exchange Commission has already approved of the issue prospectus. The IPO will cover 3m shares (2.2m are to be sold to institutional clients). Book building will last from June 6-8. The price range has been set at PLN 10-13.

“We expect to raise about PLN 30m”, Maciej Fedorowicz said.

Subscription for the shares, which will amount to 23 percent of the equity, will last from June 12-14.

The management has already set the aims of the IPO.

“We want to spend about 85 percent of the funds to increase our sales chain in Poland and abroad”, the CEO said.

Today, Gino Rossi has 90 shops. This year, the number will grow to 100. The company has 16 shops abroad. Till the year 2008, there should be 50 shops more. Bigger sales network should allow for PLN 112m  of sales this year. Last year, sales amounted to PLN 94.7m. Plans for this year’s income amount to PLN 6.5m. Last year, it was PLN 2m.

(PLN 1 = EUR 0.253)


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Podpis: APA - Austria Presse Agentur

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