Poland's financial watchdog KNF approves Smyk's IPO-oriented prospectus
Poland's financial market regulator KNF has approved the prospectus of Smyk, the Polish group owning a chain of shops selling children's goods, prepared in connection with the planned initial public offering on the WSE main market, KNF announced in a statement.
On October 8, the Smyk group announced its intention to conduct an initial public offering and list its shares on the Warsaw Stock Exchange. Smyk expected gross proceeds from the issue of new shares to amount to approximately PLN 150 million (EUR 35.34 mln).
The offer is to include new shares issued by Smyk and the sale of some of the existing shares by AMC V Gandalf SA, currently the sole shareholder of the company.
The proceeds from the issue are to be used to strengthen the company's financial position through partial repayment of bank debt and to finance the group's further development strategy.
Smyk operates in the children's products market in Poland. According to a report prepared by strategic consulting firm OC&C, last year, the group had a 14.3 percent share of its main target market, which includes children's fashion, toys and games, and children's equipment and accessories.
In addition to its domestic operations, the group is strengthening its position as one of the leading retailers of children's products in the Central and Eastern European region, developing its operations in Romania and planning further expansion in selected CEE markets.
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