Polimex-Mostostal gains PLN 124.56 million on Torpol IPO

Polimex-Mostostal has sold 100 percent of its subsidiary construction company Torpol in an IPO for PLN 124.56 million, the company said in a statement. The IPO included the entire series A stake, held by Polimex-Mostostal, comprising 15.57 million shares as well as Torpol’s new issue of 7.4 million of series B shares, for which the firm received PLN 59.2 million. The proceeds will finance the company’s current and planned projects in Poland, as well as investments and the firm’s operations in Norway. “Torpol’s shares were purchased at PLN 8 apiece, which puts the company’s value at PLN 183.8 million,” the firm said. Institutional investors bought 21,821,500 shares (95 percent) and individual investors purchased 1,148,500 shares (5 percent).