The holding company of the largest group operating on the rapidly growing Polish art market, DESA, announced today its intention to conduct an initial public offering of shares. The company plans to apply for admission and introduction of the shares to trading on the main market of the Warsaw Stock Exchange. The company will be the first representative of its sector on the Polish stock exchange.
The offering includes the public subscription of the newly issued shares of the Company and the public sale of the existing shares held by the major shareholders. The company estimates that the net proceeds from the issue of new shares will amount to PLN 85-95 million. They will be used to finance the implementation of the Company's development strategy, including, in particular, the acquisition of entities with a leading position in the art trade market in Central and Eastern Europe.
“The Polish art trade market has been growing dynamically for many years – in the entire 2020 turnover on the auction market amounted to PLN 380 million and was nearly 800 percent higher than a decade ago. After three quarters of this year, it is already PLN 330 million, which is an increase by 82 percent compared to the three quarters of the previous record year. At the same time, the market still has great growth opportunities," Juliusz Windorbski, DESA's CEO, said.