Banking on the WSE

Financial internet portal Bankier.pl will float 1.5 million new I-series shares and up to 1.85 million shares held by the company's current shareholders, CEEV GmbH, bmp AG and MCI Management funds.

"The maximum we are hoping to earn is zł.12.3 million from the IPO, of which zł.1 million will be spent on investments in technical infrastructure, some zł.2.5 for new services and from zł.4.5 to zł.8.8 million on acquisitions of other entities, mainly internet companies from financial sector," Tomasz Jażdżyński, CEO of Bankier.pl, said.

Currently, 57 percent of the company's revenues come from advertising, but Bankier.pl is planning to capitalize more on its second, quickly developing source of income - that of financial brokerage. The internet portal obtains commissions from banks and other financial institutions for transactions made by customers it has managed to attract.

"Even though the value of the internet market doubles every two years, our company depends more and more on revenues from financial brokerage. We would like to enter the market of investment instruments and insurance. We already have an idea how to do it," Jażdżyński explained.

The company is currently in the process of taking over a portal dedicated to public relations, Prnews.pl, but Jażdżyński refused to reveal the value of transaction. He is hoping to announce another takeover by the end of this year.

The management of Bankier.pl expects its 2006 net profit to more than double from last year's zł.343,000 to zł.710,000 and revenues by 45 percent to zł.9.01 million.

Subscription for shares will be accepted at IDM SA brokerage house from June 2 to 6.