GDANSK, April 24 (Reuters) - Central European quick-service restaurant operator Rex Concepts has set the final price for its initial public offering at 14 zlotys per share, it said on Friday, below
Rex Concepts Finalizes IPO Price at 14 Zlotys, Shares to List May 7
Rex Concepts IPO Details and Market Impact
Final IPO Pricing and Share Allocation
GDANSK, April 24 (Reuters) - Central European quick-service restaurant operator Rex Concepts has set the final price for its initial public offering at 14 zlotys per share, it said on Friday, below previously given maximum price of 17.50 zlotys.
The final number of newly issued shares offered by the company has been set at 32 million. Rex Invest CEE will also sell 3.55 million existing shares.
Breakdown of Share Distribution
Final number of shares offered to retail investors will amount to 1.2 million, while institutional investors will be offered 34.35 million of them.
Franchise Operations and Expected Proceeds
The master franchisee of the Burger King and Popeyes brands in Poland, the Czech Republic and Romania previously expected gross proceeds of up to 560 million zlotys ($154 million) from the issuance of new shares.
The final price indicates proceeds of 448 million zlotys from the new issue, while the whole offering would be valued at nearly 498 million zlotys.
Use of IPO Funds
The company plans to use the funds to finance its business plan and accelerate growth, possibly pursuing market consolidation in Central and Eastern Europe or introducing new brands within the quick-service food sector.
Listing Date and Exchange Information
The shares are expected to start trading on Warsaw Stock Exchange on May 7.
Currency Exchange Rate
($1 = 3.6297 zlotys)
Reporting and Editorial Credits
(Reporting by Adrianna Ebert; Editing by Milla Nissi-Prussak)
