Redan plans to raise zł. 40 million from its IPO scheduled for later this month

Redan, a Łódź-based company designing and distributing clothes, a few days ago placed its issue prospectus with the Securities and Stock Exchange Commission. It expects that its shares will enter public trade within a couple of weeks. "We hope to raise about zł. 40 million from the floor, which would be spent on developing our network of stores under the brand name of Top Secret and discount stores called Textil Market, as well as constructing a logistics center for servicing supermarkets," explained Radosław Wiśniewski, president of Redan. By the end of the year the company plans to increase the number of Top Secret stores from the current 13 to 25, while Textil Market's from 25 to at least 30. Construction of the logistics center, planned to be located near Kraków would begin in 2004. Redan produces its clothes in Asia, similarly to stock-listed LPP, in order to reduce costs. (Puls Biznesu, p. 9) M.M.