Teta's IPO plans raise more questions than answers

Teta is a medium-sized company that specializes in the production of management support software. Its major shareholder is Enterprise Investors (EI) who controls a 54% stake in the enterprise since 1998. Teta's public offer will comprise of new shares as well as those of EI's. "At this point it is not clear yet whether EI will sell its entire stake or only a part of it.' disclosed Teta's president Jacek Krawczyk. The company has not yet announced how much exactly it wants to raise from the floatation, and conditions it on the company's performance as it wants to finance its zł.15 million investment project mostly from it own means. Teta generated a 2004 net profit of zł.3.4 million on sales of zł.33.3 million. (Parkiet p. 4) M.G.