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Alumetal IPO to raise 293 mln zlotys for private equity owner
July 4, 2014 / 7:36 AM / 3 years ago

Alumetal IPO to raise 293 mln zlotys for private equity owner

WARSAW, June 23 (Reuters) - Poland’s Alumetal said on Friday it would sell shares at 35 zlotys each in its initial public offering (IPO), which would raise 293 million zlotys ($96.21 million) for the majority owner of the aluminium parts maker.

Alumetal’s main shareholder, Poland-based private equity fund Abris, set the maximum IPO price in June at 44 zlotys, but then decided to sell the company 20 percent cheaper.

The Warsaw bourse underperformed relative to its Western peers this year, with main index WIG losing 0.7 percent since January. That has made it harder for new companies to raise cash in IPOs.

Abris plans to sell its entire 56 percent stake when Alumetal makes its debut on the Warsaw bourse in July.

Alumetal, which has an annual capacity of 165,000 tonnes, produces components mostly for the automobile industry. It sells almost half of its output abroad, to clients including Germany’s Volkswagen.

Its revenue rose by more than a quarter in the first three months of this year to 311.4 million zlotys and net profit almost tripled to 17 million zlotys, thanks to a pick-up in European car production and sales.

Alumetal’s direct Polish rival Grupa Kety has a market capitalisation of 2 billion zlotys. ($1 = 3.0455 Polish Zlotys) (Reporting by Marcin Goclowski; Editing by Christian Lowe)

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