As early as in November, the IPO of Konsorcjum Stali, a steel trading company with headquarters in Warsaw, will probably be conducted. The company wants to raise PLN 98m (EUR 26.9m) with PLN 105 a share as the maximum price.
“We plan to raise funds for the merger with Bodeko allowing us to found a nationwide distribution network and investment projects in production facilities”, Robert Wojdyna, Konsorcjum Stali CEO said.
It will cost PLN 18m to buy Bodeko shares. PLN 38m will be spent to found three new units. The company will also invest in steel elements production.
Deliveries for the construction sector are supposed to constitute over half of sales of the new group.
“After the merger, we will be the distribution leader present on the Warsaw Stock Exchange”, Robert Wojdyna believes.
It will be so as long as Zlomrex is not listed. Zlomrex is Poland’s biggest steel distributor with PLN 1,188.9m of sales in the first half of this year.
Konsorcjum Stali is leading talks with other
acquisition targets. Robert Wojdyna refuses to give their names, however.
On November 12th, the book building is planned and the issue price will be set. Investors may subscribe till November 16th.
In the first half of this year, Konsorcjum
Stali and Bodeko had PLN 522m of sales. Bowim and KEM are yet other steel
distributors planning a listing in the near future.
(PLN 1 = EUR 0.275)