Symbio on NewConnect
It will be listed on NewConnect, the Warsaw Stock Exchange's alternative trading platform. The money gained through the IPO will be spent on supporting the sales and distribution on the retail market, and boosting the production in Poland and abroad.
Steve Sperelakis, Symbio's CEO, expressed hope that the wide offer will let his company create a strong and recognizable brand. "The Polish organic food market has grown by 50 percent annually over the last few years, so there is a great potential," he said.
Symbio sells its products in over 250 stores across Poland. There are 29 points of sale with Symbio products in Carrefour supermarkets. In Q1 2009, the company plans to create a joint venture with an Italian partner to boost exports and imports of ecological products. Some of Symbio's juices and jams are already sold in Italy.
Symbio Polska was established in 1998, when it began cooperating with 20 Polish farms. Today there are 300 farms cooperating with the company, and Symbio's products are sold in Europe and the US. In 2007, the company's revenues were zł.14.1 million, while this year's forecast revenue is zł.17-18 million. Symbio Polska plans to enter the WSE's main floor within the next two to three years.
