Poland's software firm TTMS plans IPO on Warsaw bourse (updated)

Gielda Papierow Wartosciowych w Warszawie SA

14/10/2024 08:20

(Adds CEO's statement, details, context from third paragraph)
       GDANSK, Oct 14 (Reuters) - Polish software company Transition
Technologies MS (TTMS) is planning an initial public offering on the Warsaw
Stock Exchange in the coming weeks, the company said on Monday.
    The offering, whose final terms will be announced after regulatory approval
is received, will comprise solely of newly issued shares.
    "Entering on WSE is one of the options to rise capital for growth of the
TTMS group," CEO Sebastian Sokolowski said in a statement, adding that the
company focuses on developing technologies including cybersecurity, big data,
and cloud computing.
    The company is yet another Polish firm to share its IPO plans, with
convenience store Zabka Group and medtech firm MediSensonic also expected to
debut on the Polish bourse.
    TTMS has five subsidiaries - in Britain, Malaysia, India, Denmark, and
Switzerland. TTMS is part of Transition Technologies group, which is one of the
largest IT entities in Poland.
    The company's annual adjusted EBITDA was 30.4 million zlotys ($7.74 million)
in 2023, with revenue amounting to little over 217 million.
    In the first half of 2024, adjusted core profit rose 2.3% on the year to
13.6 million zlotys.
    The company has said that it plans to regularly pay dividends and intends to
earmark at least half of the annual profit depending on the economic situation.
    Last year the firm shared 12 million zlotys with its shareholders.
    ($1 = 3.9264 zlotys)

 (Reporting by Mateusz Rabiega; Editing by Louise Heavens
Editing by Bernadette Baum)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))