GDANSK (Reuters) -Polish children’s clothing and toy retailer Smyk has set a maximum price for its initial public offering (IPO) at 13 zlotys, the group said on Wednesday.
Smyk expects gross proceeds of up to 150 million zlotys from the new share issue, which it will use to reduce debt and finance its growth strategy.
If the offering goes through, it would be a third stock market debut in Warsaw this year, after medical diagnostics company Diagnostyka listed in February and protective clothing maker Arlen Group made its debut in June.
“If market conditions are favorable, we will join the group of companies listed on the Warsaw Stock Exchange as early as November,” CEO Michal Grom said in the statement.
Smyk, which apart from Poland has stores in Romania and Ukraine, said it will offer up to 13.6 million new shares. Its sole shareholder, AMC V Gandalf, will offer up to 18.4 million shares.
That would bring the total implied value of the offering to up to 416.6 million zlotys.
Smyk said that it expects to allocate between 10% and 15% of the offering to retail investors.
The final pricing is due to be announced on or around October 30 and the shares are expected to start trading on or around November 7.
($1 = 3.6365 zlotys)
(Reporting by Adrianna Ebert, editing by Anna Pruchnicka)
