Inter Cars launches new operations and plans 2004 IPO

In 2004, Inter Cars, a company which sells spare parts for cars, will float 32% of its shares on the Warsaw Stock Exchange. The stake to be sold is currently owned by two national investment funds and managed by Ballinger Capital. The president of the firm, Krzysztof Oleksowicz, claims that the success of the IPO will be dependent on the situation on the financial markets. "At present the things look favorable. However, if things take a turn for the worse, then there will be no sense to enter the stock exchange," said Oleksowicz. According to preliminary estimates, the company's value is an estimated zł. 230-240 million, but the proposed price per share has not yet been announced. "The company should post a 2003 profit of zł. 12 million and this means we are not in a rush to raise capital," claims the Inter Cars president. The company is now diversifying its operations and, "We have launched three new projects. We started to assemble trailers, opened a car parts recovery outlet and commenced fleet management operations," informed Oleksowicz. (Puls Biznesu, p. 7) M.M.