Poland's software firm TTMS plans to use IPO proceeds to fuel takeovers (updated)

Gielda Papierow Wartosciowych w Warszawie SA

21/10/2024 10:11

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      Plans to raise up to 80 mln zlotys in IPO
    

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      Up to 68 mln for takeovers in Western Europe, US
    

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      Maximum price per share 35 zlotys
    

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      Final pricing on Oct. 29, shares debut on Nov. 15
    

  
 (Adds details on acquisition plans, CEO comment in paragraphs 2-4)
    By Adrianna Ebert and Mateusz Rabiega
       GDANSK, Oct 21 (Reuters) - Polish software company Transition
Technologies MS (TTMS) plans to raise up to 80 million zlotys ($20 million) from
its initial public offering (IPO) to help fund acquisitions, it said on Monday.
    It set a maximum share price of 35 zlotys for the offering, which it said
consisted of up to 2.4 million newly issued shares. The proceeds will fuel an
acquisition campaign targeted at Western Europe and the United States as the
firm looks to increase its presence in developed markets.
    "In the next year - 2025 - we would like to carry out another acquisition in
the European market," TTMS CEO Sebastian Sokolowski said on a call with
journalists, adding that any takeovers in the U.S. would probably happen in
2026-27.
    The company was especially interested in acquisitions in Scandinavia,
Germany and Switzerland, and plans to allocate up to about 68 million zlotys for
the purpose.
    "Our main assumption is that if we buy firms in the Danish or Swiss markets,
these will only be companies that complement our existing entities," Sokolowski
said, adding this would prevent internal competition between subsidiaries.
    Book-building among institutional investors will run from Oct. 21 to Oct.
28. The subscription period for individual investors will run until Oct. 25.
    The company plans to allocate 10-15% of the total number of shares on offer
to individual investors.
    Final pricing is expected on Oct. 29 and the shares are expected to start
trading on Nov. 15. 
    
 ($1 = 3.9766 zlotys)

 (Reporting by Adrianna Ebert and Mateusz Rabiega; Editing by Emelia
Sithole-Matarise, Kirsten Donovan)
 ((Adrianna.Ebert@thomsonreuters.com; +48 58 769 65 88;))