Hoop seeks to finance expansion and takeovers via IPO

Soft drinks producer Hoop will try to raise zł. 100-120 million in a public offering scheduled for the end of June. The company, listed on CeTO over the counter market since February, would like to increase capital by offering new stock or convertible bonds to pension funds and other domestic institutional shareholders. It is possible the IPO will help Hoop secure funds to buy one of the state-owned mineral water bottling plants earmarked for privatization later this year. Hoop also informed it was interested in the acquisition of smaller competitors, among them perhaps Dr Witt, which sells premium fruit juice and controls approximately 2.3% of the market. Last year Hoop posted net earnings of zł. 22 million on sales of zł. 345 million. (Parkiet, p. 4; Puls Biznesu, p. 10) J.K.