Financial portal banks on IPO for acquisition funds

"With the maximum we are hoping to earn zł.12.3 million from the IPO, of which zł.1 million will be spent on the 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. The management of Bankier.pl expects 2006 net profit to grow by more than 100 percent, from last year's zł.343,000 to zł.710,000 this year, as well as raise revenues by 45 percent to zł.9.01 million. Subscription for shares will be accepted at IDM SA brokerage house from June 2-6. (WBJ)