Polish residential developer Robyg plans Warsaw IPO
Polish residential developer Robyg plans Warsaw IPO GDANSK, June 8 (Reuters) - Robyg, one of Poland's largest residential developers, plans to launch an initial public offering on the Warsaw Stock Exchange, the company said on Monday.
The company expects to make gross proceeds of about 400 million zlotys ($109 million) from an issue of new shares, which would be allocated to further development, the expansion of its land bank in particular.
Robyg's owner, TAG Beteiligungs- und Immobilienverwaltungs, is also expected to sell a portion of its existing shares as part of the planned offering.
TAG Beteiligungs- und Immobilienverwaltungs, a wholly owned subsidiary of German real estate firm TAG Immobilien TEGG.DE, will remain Robyg's majority shareholder following the IPO.
Robyg intends to allocate 10% of the shares offered in the IPO to retail investors, it said.
"The planned IPO aims to support further scaling of our operations, strengthen the Group’s position in the Polish residential market and continue to deliver high-quality apartments to customers in well-designed, functional and attractively located areas," Robyg CEO Eyal Keltsh said in the statement.
The company did not disclose a timeline for the planned IPO, with details expected to be outlined when it publishes a prospectus for the offering.
($1 = 3.6839 zlotys)
(Reporting by Adrianna Ebert, editing by Milla Nissi-Prussak)
((Adrianna.Ebert@thomsonreuters.com; +48 58 769 65 88;))
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