In the public offer the company managed to sell five million shares, which earned the company zł.12 million. Mewa wants to use the capital to open new boutiques for its Szame and Lookat brands and for further investments in logistics.
In order to become the leader on the lingerie market in Poland, the company also plans acquisitions. According to Kiszka, the first transactions should be completed next year.
The company‘s growing revenues should help with the process. Kiszka says Mewa met last year‘s prognosis of zł.25.5 million in revenues and zł.1.1 million net profit. In 2007 the company plans to achieve zł.31 million in revenues and a net profit of zł.1.3 million.
Within the next couple of days Mewa will issue 600,000 C-series shares at zł.2.40 per share. The new shares will be granted to members of the management in exchange for an 80-percent stake at Szame.
Mewa was formerly listed on CeTO. The company had to prepare an issue prospectus because it issued additional shares. Other CeTO companies can move to the WSE without that requirement unless they want to issue more shares, but this will only be an option for companies for the next 10 months.
„Mewa is the first company to debut this year but there are 59 other companies in the pipeline,” said Ludwik Sobolewski, president of the WSE. If this target is met, 2007 will be better than last year for the number of IPOs - in 2006, 38 companies entered the floor.
Andrzej Wróbel
On Mewa‘s first day on the trading floor, the opening price for the rights to shares increased by 20.4 percent compared to an issue price of zł.2.89. The shares transferred from CeTO (a regulated market, where trading is mainly operated in debt securities) cost zł.4.50 and increased by 5.4 percent.
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