Retail chain Żabka IPO likely in Q3 2004

According to sector sources, it turns out that Poznań-based retail chain Żabka is preparing for an IPO. The news was not denied by the company's president, Krystian Czarnota, but he refused to comment on the ownership structure. Rafał Błędowski from American AIG Fund, co-owner of the retail chain, refused to reveal any information without clearance from its American headquarters. According to Puls Biznesu, the preparations are at an advanced stage, as Żabka has already chosen its financial advisor, and the IPO could take place in the third quarter of 2004. According to analysts, retail trade has a very bright future ahead of it. "We can see a strong demand for chain restaurants and bars. Local grocery, fuel stations and car repair chains, have huge potential," said Piotr Kaszyński from Cushman & Wakefield Healey & Baker. At the end of October Żabka had 1,118 outlets and, "According to our plans, we will open 25-30 stores each month in towns and cities with more than 20,000 inhabitants," said Żabka spokesman Konrad Napierała. (Puls Biznesu, pp. 1, 5) M.M.