Polwax may debut on October 6

Paraffin and wax producer Polwax will launch subscriptions in its initial public offering on September 15 and plans to debut on the Warsaw Stock Exchange around October 6, the company said in a statement on Thursday. The company is offering 3.8 million shares, standing for a 38.2 percent stake, in the IPO. Subscriptions are due to last until September 18 and the book-building process will be carried out simultaneously. Polwax plans to allocate 80 percent of the offered shares to institutional investors and 20 percent to individuals. The shares will be sold by Krokus Chem, a unit of PE fund Krokus, and by Dominik Tomczyk, Iwar Przyklang, Vataro Holdings and Patrycja Stokłosa. “The company is in good condition and it does not need extra capital,” CEO Dominik Tomczyk was quoted as saying by ISBnews. “Entering the WSE provides a sort of prestige. In our case it is also a natural way for our main shareholder, Krokus PE, to exit its investment.”