Polish software company TTMS suspends IPO, citing market conditions (updated)

Gielda Papierow Wartosciowych w Warszawie SA

30/10/2024 12:20

(Adds detail and quote from CEO.)
       Oct 30 (Reuters) - Polish software company Transition
Technologies MS (TTMS) has suspended its initial public offering
(IPO), citing unfavourable market conditions, a company
statement said on Wednesday.
    TTMS decided to withdraw its 80 million zloty ($19.98
million) offering because of unsatisfactory prices from
institutional investors during the book-building process.
    Subscriptions from retail investors exceeded the number of
shares dedicated to their tranche by 2.5 times.
    "We are focusing on carrying out another acquisition on the
western European market," CEO Sebastian Sokolowski said, adding
that the decision to suspend the IPO does not affect the
company's strategy. 
    The Warsaw bourse this month chalked up its biggest market
debut in years with the 6.45 billion zloty offer from the Zabka
 ZAB.WA  convenience store chain.
    Zabka's shares have risen less than 1% since the company's
listing on Oct. 17.
        
  

($1 = 4.0042 zloty)

 (Reporting by Tymon Miller
Editing by Jason Neely and David Goodman
)
 ((Tymon.Miller@thomsonreuters.com; +48 58 769 66 78;))