OPD on the bourse
Australian Opal Property Developments (OPD) has announced that it has begun working on its IPO. By entering the Warsaw Stock Exchange (WSE), the company hopes to raise funds for future investments. The debut is expected in August of this year.
The value of the IPO will amount to about zł.300 million. The company says it has chosen the WSE for its debut due to the Warsaw bourse's lower costs and because the company is conducting several major projects in Poland.
"We also plan investments in different Polish cities as we constantly look for interesting locations for our developments," said Yaniv Meydan, director of the Meydan Group, which is an investor in OPD.
The OPD's flagship investment in Poland is the development of lofts in an old textile factory in Łód. All of the loft apartments included in the project, called At Scheibler's (U Scheiblera), were sold in just six days. Several apartments have been purchased by foreigners from Italy, Spain, Ireland, Australia and Singapore, among others. OPD predicts that during the first four years of the project, its value could reach $700 (zł.2,078) million.
OPD also revealed that it has signed a letter of intent for the Modena Park project, which will be developed in Poznań.
Besides Europe, the company is conducting several projects in Asia and the United States. Most recently, OPD has also been looking into investment opportunities in Georgia.
