First meetings with investors
Today, the Directors of Giełda Praw Majątkowych Vindexus S.A. are starting their meetings with investors interested in the purchase of shares as part of the Initial Public Offering.
The Company is expected to debut on the WSE in January.
Vindexus has been active on the debt market for the last 13 years, focusing on debt acquisition and debt recovery on its own account.
- Debt packages are usually bought from banks or businesses for a percentage of their nominal value – says Jerzy Kulesza, CEO of Vindexus. He stresses that this type of activity is not sensitive to economic fluctuations. Vindexus also acquires commercial debt and liquidated companies (e.g. the Polisa Insurance and Reinsurance Company in 2005) and operates a Non-Standardised Closed-End Securitisation Fund. The Management Board estimates that this year’s net revenue will amount to PLN 17.7 (compared to PLN 11.4 mln earned last year) while the Company’s profit should reach around 5,9 mln (compared to PLN 3 mln last year).
The funds raised as part of the IPO (PLN 21.3 mln) will allow the Company to purchase more debt. – Some of the funds raised can also be used to manage debt, e.g. to cover the costs of entries in court registers which we will later include in the value of debt – says Kulesza.
The maximum price per share should not be higher than PLN 9. – This is not the best time for debuting on the WSE but we have decided to go with the IPO, taking into account the Company''s great potential – says Dariusz Waleruk, Head of the Institutional Customer Department at DM IDMSA, the lead underwriter.
Vindexus aims to sell 2 million of shares to institutions and 0.5 mln to individual investors. The book-building process will be held between 12 and 16 December and bids can be submitted from 18 to 22 December.
The Company is expected to debut on the WSE in January.
Vindexus has been active on the debt market for the last 13 years, focusing on debt acquisition and debt recovery on its own account.
- Debt packages are usually bought from banks or businesses for a percentage of their nominal value – says Jerzy Kulesza, CEO of Vindexus. He stresses that this type of activity is not sensitive to economic fluctuations. Vindexus also acquires commercial debt and liquidated companies (e.g. the Polisa Insurance and Reinsurance Company in 2005) and operates a Non-Standardised Closed-End Securitisation Fund. The Management Board estimates that this year’s net revenue will amount to PLN 17.7 (compared to PLN 11.4 mln earned last year) while the Company’s profit should reach around 5,9 mln (compared to PLN 3 mln last year).
The funds raised as part of the IPO (PLN 21.3 mln) will allow the Company to purchase more debt. – Some of the funds raised can also be used to manage debt, e.g. to cover the costs of entries in court registers which we will later include in the value of debt – says Kulesza.
The maximum price per share should not be higher than PLN 9. – This is not the best time for debuting on the WSE but we have decided to go with the IPO, taking into account the Company''s great potential – says Dariusz Waleruk, Head of the Institutional Customer Department at DM IDMSA, the lead underwriter.
Vindexus aims to sell 2 million of shares to institutions and 0.5 mln to individual investors. The book-building process will be held between 12 and 16 December and bids can be submitted from 18 to 22 December.
Source: Parkiet, 2008-12-10