Slovak IT firm to debut in Warsaw

IT company Asseco Slovakia published its issue prospectus last week and will offer 360,000 shares this month to both institutional and individual investors. The company plans to debut on the WSE at the beginning of October.

Asseco Slovakia is one of the biggest Slovak IT firms, offering IT systems for banking, healthcare and insurance sectors. A 53.92-percent stake in the company is owned by Asseco Poland. After the IPO, the stake will amount to 41.67 percent, while 22.72 percent of shares will be free floated.

Asseco Slovakia's CEO, Josef Klein, says that the IPO will secure the company's further growth in the sector, while some zł.56 to zł.82 million raised from the floor will be spent on acquisitions. Klein says that Asseco Slovakia is currently working on acquiring two medium-sized Slovak firms and two or three medium-sized Czech firms. The acquisitions are to strengthen the company's standing in Slovakia and enable further expansion in the CEE region.

Klein points out that while Asseco Poland will operate in Poland, Russia, Ukraine and the Baltic and Balkan states, Asseco Slovakia will focus on the Slovak, Czech, Hungarian and Romanian markets. "The aim is to create one big software group in the region," he says.

Last year, the revenues of Asseco Slovakia amounted to SKK795.8 (zł.84) million, while net profit reached SKK116.3 (zł.12.8) million, compared to SKK89.9 (zł.9.5) million in the previous year .