Holland-based
developer Ronson debuts on Warsaw
bourse with EUR 73mn IPO
November 11, 2007
New York, November 11, 2007 - The Netherlands-registered real estate
developer, Ronson Europe, debuted on the Warsaw Stock Exchange on Monday
following a EUR 73mn IPO, of which the company raised EUR 42mn through newly
issued shares.
A total of 46mn shares, or a 20.3% stake in the company,
were sold during the offering. The company issued 26.67mn new securities, while
13.33mn were sold by Ronson's largest shareholder ITR Dori - an SPV controlled
by U. Dori and Israel Theaters. During the second subscription stage, ITR Dori
sold an additional 6mn shares. The price per share was set at PLN 5.75 (EUR
1.58), thus the total value of the offering amounted to PLN 264.5mn (EUR
72.9mn). The brokerage house UniCredit CA IB organized the IPO.
Ronson Europe plans to spend most of the IPO proceeds on new
investments, mainly on acquiring new land plots. According to company
officials, such investments will not necessarily focus on the capital city of Warsaw, as Ronson
considers land there overpriced. Instead, the company plans to diversify its
land portfolio and acquire cheaper plots in Poland's other major towns and
cities.
Whilst Dutch-registered, Ronson Europe is of Israeli origin,
and the company is majority owned by ITR Dori and GE Real Estate. Ronson
recorded consolidated sales revenue of PLN 12.7mn (EUR 3.37mn) in H1/2007
against PLN 21.7mn a year before. The company registered a consolidated net
loss of PLN 226,000 (EUR 62,000) in H1/2007 versus consolidated net profit of
PLN 10.4mn (EUR 2.85mn) in the same period 2006. |
