Building for the future

Pol-Aqua, an engineering firm based in the Warsaw suburb of Piaseczno, plans to list its shares on the WSE at the end of the month. The firm's issue prospectus has already been accepted by the Polish Financial Supervision Authority and subscription for shares is planned for July 12-16. Pol-Aqua, which provides construction services including engineering, road and pipeline-work, expects to raise between zł.280 and 308 million from the IPO.

"We plan to use the funds from the public offer to increase the scale of our operations on the engineering and construction-services market," said Pol-Aqua's president Marek Stefański. Some zł.62-66 million will help increase the company's turnover capital, he added.

Around zł.30 million from the issue will be spent on new equipment, while up to zł.12 million will go towards a base to store it. Pol-Aqua also plans to spend between zł.75-80 million on acquisitions. "We are currently in talks with companies from our market, and with one we are already past due diligence," Stefański said. He hinted that Pol-Aqua could make acquisitions in Western Europe, linking this with the firm's plans to build pipelines in the West.

Pol-Aqua had revenues of zł.233.6 million and a net profit of zł.20.5 million last year. This year it hopes the numbers will leap to zł.935.4 million and zł.40 million, respectively. In 2008 Pol-Aqua hopes to close the year with zł.1.4 billion in revenue and a net profit of zł.77 million.