Special delivery for the WSE

Arcus, an IT company specializing in document and mass-correspondence management systems, has announced plans to gain zł.41.2 million during its upcoming debut on the Warsaw Stock Exchange, despite the bourse's recent volatility. The price of Arcus' shares is estimated to be worth between zł.14.5-17.

"We took into consideration the current situation on the WSE, and investors still have good profit opportunities," explained Norbert Kozioł from Polonia Net, the brokerage house responsible for the public offering.

The firm is planning to sell 2.5 million shares, out of which 40 percent are meant for individual investors. It wants to use the capital for organic growth and further acquisitions. The development of its own IT systems, marketing and employment of new personnel will cost Arcus zł.13.7 million, while another zł.27.5 million will be used for takeovers.

"We are looking for successful Polish companies that will enhance our core business, and we are currently in the process of negotiating with a couple of firms," announced Witold Czyżewski, the president of Arcus' management board. He added that the company would keep its business profile unchanged, but would introduce new bill-payment solutions to the market.

But Robert Obetkon, an analyst at PMR, has his doubts about the shares' attractiveness. "A significant part of Arcus' revenues are dependent on two major clients, which might scare off the investors," he said. "They may still remember the recent unsuccessful debut of Quantum Software and Seko, which were also managed by Polonia Net," he added.

Arcus however believes that the increasing demand for mass correspondence management solutions in Poland will make its goals achievable. The company hopes to benefit from the full liberalization of the postal-services market in 2013. According to the company's calculations, the sorting-machine market in Poland is worth between zł.200 million and zł.1 billion.