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Smyk Holding SASmyk retailer cancels IPO
Poland’s leading retailer of children’s products Smyk and its shareholder AMC V Gandalf have decided to cancel the IPO of Smyk. They do not rule out returning to plans to list the company on the Warsaw Stock Exchange in the future.
"After completing the book-building process, we concluded that we would not be able to carry out the transaction on terms satisfactory to the company and the selling shareholder," said Smyk's CEO Michal Grom, quoted in a press release.
Smyk Holding's public offering included no more than 13,636,364 new shares issued and no more than 18,410,214 existing shares sold by AMC V Gandalf SA. The maximum price of the offered shares was set at PLN 13 per share.
Smyk expected gross proceeds from the issue of new shares to amount to up to PLN 150 million (EUR 35.4 mln), which were to be used to strengthen the company’s financial position through a partial repayment of bank debt and to finance the group’s further growth strategy.
Smyk operates in the children's products market in Poland. 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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