GDANSK (Reuters) - Polish software company Transition Technologies MS (TTMS) plans to raise 80 million zlotys ($20 million) from its initial public offering (IPO) to help fund acquisitions, it said on Monday.
It set a maximum share price of 35 zlotys for the offering, which it said consisted of up to 2.4 million newly issued shares. The proceeds will fuel an acquisition campaign targeted at Western Europe and the United States as the firm looks to increase its presence in developed markets.
"In the next year - 2025 - we would like to carry out another acquisition in the European market," TTMS CEO Sebastian Sokolowski said on a call with journalists, adding that any takeovers in the U.S. would probably happen in 2026-27.
The company was especially interested in acquisitions in Scandinavia, Germany, and Switzerland, and plans to allocate up to about 68 million zlotys.
"Our main assumption is that if we buy firms in the Danish or Swiss markets, these will only be companies that complement our existing entities," Sokolowski said, adding this would prevent internal competition between subsidiaries.
Book-building among institutional investors will run from Oct 21 to Oct 28. The subscription period for individual investors will run until Oct 25. The company plans to allocate 10-15% of the total shares to individual investors.
Final pricing is expected on Oct 29 and the shares are expected to start trading on Nov 15.