Rex Concepts IPO Debuts 3% Lower on Warsaw Stock Exchange, Raising 448M Zlotys
Rex Concepts' Market Debut and IPO Details
Market Debut Performance
May 7 (Reuters) - Quick-service restaurant operator Rex Concepts' shares fell around 3% on their market debut on Thursday, following the first initial public offering on the Warsaw Stock Exchange this year.
IPO Pricing and Fundraising
The shares were priced at 14 zlotys each in the IPO, where Rex Concepts raised 448 million zlotys ($124 million) from the issuance of 32 million new shares.
Selling Shareholder and Total Offering Value
Selling shareholder Rex Invest CEE offloaded a further 3.55 million existing shares, valuing the whole offering at nearly 498 million zlotys.
Company Valuation at Debut
Thursday's debut price of 13.6 zlotys per share brought the company's valuation to about 1.3 billion zlotys.
Company Background and Strategic Plans
Franchise Operations
The Wroclaw-based company is the master franchisee of the Burger King and Popeyes brands in Poland, the Czech Republic and Romania.
Use of IPO Proceeds
It plans to use proceeds from the IPO to finance its business plan and accelerate growth, including potential market consolidation in Central and Eastern Europe or the introduction of new quick-service restaurant brands.
Share Allocation
Of the 35.55 million shares sold in the offering, 1.2 million went to retail investors and 34.35 million to institutional investors.
Additional Information
($1 = 3.6023 zlotys)
(Reporting by Rafal Nowak in GdanskEditing by Milla Nissi-Prussal)
