Answear.com wants to obtain approx. PLN 65m for development

Leading e-commerce retailer in the CEE region, Answear.com, is launching the Initial Public Offering. The company expects to obtain approx. PLN 65 million from the issue of new shares for further development and the value of the entire offer may reach up to PLN 159 million. Subscriptions for individual investors will be held on December 10-17.

"Our Public Offering starts today, and we plan to end it by December 23, when the allotment of shares is to take place. We assume our debut on the WSE in the first days of January 2021. We believe that thanks to the support of investors, we will be able to continue the dynamic development of Answear.com. We intend to spend the lion's share of the amount on expanding our product offer and marketing expenses. We also plan to expand our operations on new markets, develop our own brand, and invest in the warehouse and IT infrastructure," President Krzysztof Bajołek commented.

As part of the IPO, 1,000,000-1,841,000 newly issued series D shares are offered. Additionally, the offer includes up to 2,523,500 series A shares belonging to the MCI.PrivateVentures FIZ fund, representing up to 16.44 percent of the company's capital and entitling to the same number of votes at the General Meeting.

The maximum price for one share was set at PLN 36.5. This means that the total value of the offering may even amount to PLN 159 million and implies a potential valuation of the entire company at the level of PLN 645 million.

(WBJ)