Robyg to float on the GPW this autumn?

2010-08-30

Property developer Robyg plans a debut on the Warsaw Stock Exchange (GPW) still this year, according to PAP. The company has already submitted an issue prospectus to the Polish Financial Supervision Authority (KNF).
The company is waiting for the prospectus to be approved by KNF, but no final decision has been made whether a public issue will be held or what the issue value could be. It was initially assumed that if these plans are put into effect, the company could obtain several dozen million zloty in issue proceeds.
The company is currently executing a number of housing projects, which comprise 952 housing units. These flats are either completed or their construction will be launched within the next two months. The company's authorities plan to use the issue proceeds, if any, for various purposes, including acquisition of land for new investment projects in Warsaw, as Robyg expects continued increase in housing demand. In H1 2010, the company found buyers for 287 flats, which was almost the same as the sales in 2009 as a whole.
In H1 2010, the company generated net profit of PLN 19.4m (€4.9m) on revenue of PLN 141m (€35.4m). The excellent financial performance was driven by diverse factors, including higher sales of flats, lower rates for construction work services and changes to the group's structure which contributed to streamlining its operations.

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