LCC names its price
Wrocław-based real-estate developer LC Corp (LCC) has announced the price for its shares before the June 29 debut on the Warsaw Stock Exchange (WSE). LCC set the price for its shares at zł.6.50 per share for both individual and institutional investors. The developer is offering 163 million shares, of which individual investors will be able to buy 20 percent.
LCC has chosen Unicredit CA IB Polska to manage the book-building process and to offer stocks to institutional investors. The brokerage houses DM BPH and DM IDM will be the offerer of shares to individual investors. According to analysts, the fact that big-name businessman Leszek Czarnecki - the holder of the LCC's majority stake - is behind the IPO, makes the offer even more attractive, since the mogul has a proven track record of profitable investments.
In line with its development strategy, LCC plans to invest the capital raised on the WSE in new projects in Poland. The company is currently constructing several high-profile office and residential projects, such as Sky Tower in Wrocław and Crown Apartments in Warsaw.
In addition, the developer has projects in Kraków and Łód, but it is also interested in purchasing plots in Poznań and Gdańsk. In the future, LCC wants to focus mainly on residential projects. The cost of all of the company's current investments amounts to E858 (zł.3,248) million. Once LCC's current projects are completed, its portfolio will contain a total of 576,000 sqm of retail, office and residential space.
