Wittchen IPO exceeds PLN 50 mln

Polish premium footwear and clothing group Wittchen has allocated all 3.25 million shares, valued at over PLN 55.2 million in its Initial Public Offering (IPO), the company reported. The price was set at PLN 17 for each piece. The share of new investors in the increased equity capital will amount to 18 percent. "We are going to develop our sales abroad, in terms of new markets, mainly in the e-commerce field. With regard to that, we are planning to conduct a public offering of shares and debut on the Warsaw Stock Exchange. Arrangements are advanced, however the final decision will be up to, among others, a positive evaluation of conditions in the market," said Jędrzej Wittchen, the CEO at Wittchen. Wittchen is planning to start trading its shares on November 9. Last year, the company's sales revenue reached PLN 130.5 million, thus it recorded a 50 percent increase on a yearly basis.