Warsaw (Puls Biznesu) – Travelplante.pl, whose investor is venture capital fund MCI, will be the first internet trading company to be listed. The IPO is planned in July. First, the company will issue 154,320 to 370,370 shares. ‘We want to raise about PLN 6m (EUR 1.5m)’, Tomasz Moroz, Travelplanet.pl deputy CEO said. PLN 2m will be spent on acquisitions in Poland and abroad. PLN 1m will enlarge its capital, PLN 0.5m IT and PLN 2m for outlets in shopping molls. Several days ago the first outlet was launched, while the company wants to have 25 units within two-three years.
In 2004, Travelplanet.pl had sales of PLN 5.2m. This year, it plans PLN 13.4m. Income is very small as the company focuses on acquiring possible big market share. The management has very ambitious targets. In 2006, it launches foreign expansion in the region, in 2007, it becomes Poland’s tourism leader and in 2010 – Central European leader.
Subscription for new shares will be conducted on June 27th-30th. The IPO is planned for the beginning of July. ‘Our present shareholders and management have promised to subscribe for at least the minimum value of the issue’, Grzegorz Leszczynski, the CEO of IDM, which conducts the offer said. Travelplanet.pl has 40 percent market share in internet tourism sales.
(PLN 1 = EUR 0.247)Poland/Enterprises/Tourism/IPO