Nordic Development with IPO plans

Real estate developer Nordic Development plans IPO on the small-cap, alternative NewConnect market this year, the company said in a market filing. The company doesn't plan any new share issues coinciding with the IPO, according to company's CEO Piotr Rybojad. “We want to be listed to increase transparency and build confidence,” Rybojad said, adding that next year, the company plans to switch to the WSE main market. "Between 2007-2016, we have invested over PLN 360 million in total, built and sold over 900 apartments, and completed investments worth up to PLN 100 million this year,” Rybojad said. Rybojad reported that record sales were achieved in 2011 and amounted to 301 apartments. Currently, the company has residential projects in Bydgoszcz, and near Warsaw. “None of the big developers is operating in Bydgoszcz, it's our local market where we are the strongest, but the ambition of the company is to enter the first league of national developers within a few years,” Rybojad explained. Nordic Development has 17 projects in the pipeline worth PLN 900 million combined.