Poland: Three companies get the approval for IPO

16-11-2004, 15:39

Poland/Stock market/IPO

Warsaw (Puls Biznesu) – The security and exchange commission KPWiG has approved of three companies to be publicly traded. 33 companies have received such agreement this year. CCC shoe producer, Drozapol-Profil steel products distributor and Dwory rubber producer may offer their stock to investors. The IPOs will be conducted at the beginning of next year.

CCC, one of the largest shoe producers in Poland, selling the products via its own network, will spend the PLN 50 million (EUR 11.7 million) raised from the IPO for network development. The new shareholders will have around 20 percent of the company. Drozapol-Profil would like to issue 4.8 million shares worth PLN 23-35 million. In the fist half of the year, the company had sales of PLN 44.2 million. The operating and net income grew by 3-fold and amounted to, respectively, PLN 10.5 million and PLN 10 million. Dwory chemical group had sales of PLN 816 million and net income of PLN 48.8 million in the first nine months of the year. It will offer a 76-percent stake to investors.

(PLN 1 = EUR 0.235)

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