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Complex
plans to use its WSE debut for acquisitions
and construction
Lód¼-based Complex, a leading producer and
distributor of roller bearings and bearing
sleeves, is planning a debut on the Warsaw
Stock Exchange.
"For us the debut is an opportunity to
strengthen our position on the market. We
are
expecting to complete the initial public offering
process by Novembcr 8 and the debut to take
place in mid-November this year," said
Micha³ Nowacki, president of Complex.
The company is offering over 4.5 million shares
to both institutional and individual investors
- 3.765 million C-series shares and 750,000
A-series shares. The price of shares has been
set between zt.5 and zl.6.6 per share.
Using the IPO funds according to Nowacki,
Complex wants to raise as much as zl.22.9
million from the market. "First come
acquisitions. Some z³. 15 million will go
to the purchase of two Companies whose products
will enrich Complex's product assortment,"
he said. Both Companies are currently owned
by the State Treasury and both trans-actions
are expected to be completed by the end of
2008. Nowacki does not exclude further acquisitions
of firms within the sector or those whose
products complement Complex's current offer.
He added that the remaining z³ .5-7 million
from the IPO will go towards the construction
of a logistics center.
Patrycja Buchowicz from Corvus Corporatc Finance
said that the logistics investment will shorten
the firm's delivery time to around 24 hours.
"The company is responding to customers'
needs. [Customers] want to be Offered more
than just bearings and they want to be able
to buy a wider range of products from one
company," added Buchowicz.
Increasing profit Complex estimates its share
of the bearing market at around 12 percent.
According to its management board, this places
the company in third place on the market and
Nowacki wants this share to grow to some 16
percent in 2010.
The company will look to double the value
of its exports by building a wide distribution
network abroad. We would like this to amount
to half of all our revenues. We already sell
our products in Southern and Eastern Europe.
The increase in export will mainly come from
expansion in Western Europe," said Nowacki.
He added that this year exports will account
for 40 percent of the z³.% million in revenues
expected this year.
"When we compare HI 2007 Financial results
with the same period last year, we sec a significant
growth of revenues and net profit. We are
planning to increase net profitability from
eight-plus percent, as it is now, to around
10-11 percent," said Nowacki
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