NewConnect, the new market founded by the Warsaw Stock Exchange, launches at the end of August. 13 companies have already decided to be listed there. Krynicki Recykling from Olsztyn, a glass recycler, is one of the candidates.
It will be listed on NewConnect as early as this year. Its book value amounts to PLN 8.3m (EUR 2.2m). Its management still does not know how high the IPO will be. But it knows how it is going to spend the funds.
“We will focus on modernization of our production lines. We also plan acquisitions”, Adam Krynicki, the company CEO and co-owner said.
Today, Krynicki Recykling has three glass sorting facilities and 840 deliverers, including local authorities. Last year, the company had PLN 10.4m of sales. It promises increases this year.
“In 2006, we had 34 percent of the market, or the second place in Poland”, Adam Krynicki estimated. In his opinion, the market leader, i.e. Recycling Centrum, has 40 percent market share.
According to EU law, in 2014 at least 60 percent of glass packages should be recycled in Poland, or 900,000 tons. Krynicki Recykling already operates in Lithuania. It plans to develop in Belarus and Ukraine.