Solid foundations

Construction company ABM Solid wants to earn zł.35 million from its IPO, which is expected to take place this month. The firm, which operates in the residential and non-residential markets as well as in civil engineering, hopes that the funds will help it break into the top-20 construction companies in Poland by 2010.

"The funds from the issue will greatly help us achieve this goal," said ABM Solid president Marek Pawlik, adding that "further development of the group's construction potential and adding new construction activities" will make the firm's vision a reality.

Over the course of this year and next, ABM Solid wants to invest zł.58.7 million (including the money from the IPO), and plans to invest zł.10 million of this in its subsidiary, developer ABM Invest, which will use the funds to buy plots and develop its activities in Warsaw. A further zł.30 million (including zł.17 million from the public offering) is to be spent on acquisitions.

"We are currently talking to eight companies with revenues between zł.10-200 million," Pawlik disclosed. The firm also plans to expand its activities abroad through acquisitions in Ukraine and Belarus. Additionally, ABM Solid wants to spend zł.17 million on new construction equipment and will dedicate a further zł.4 million to increase its turnover capital.

Subscription for individual investors will be between July 6-11 and between July 12-13 for institutional investors. According to company estimates, around 30 percent of the shares will be available for individual investors.