Polish debt collecting company GetBack plans to raise PLN400mn-500mn (€95mn-119mn) from its upcoming initial public offering (IPO), the company said in the offering’s prospectus released on June 19.
GetBack wants to carry out the offering in the second or the third quarter. The float will comprise up to 20mn new shares and up to 20mn existing shares that will be offered to retail and institutional investors.
The planned proceeds from the IPO confirm earlier statement from GetBack’s CEO Konrad Kakolewski, who said in April it could run into “several hundred million” Polish zloty.
GetBack will use the proceeds to finance growth, especially by acquisitions of debt portfolios in Poland and abroad, in 9-12 months after the IPO. The company might also consider taking over other debt collectors. Should no takeover opportunities arise, GetBack will use the proceeds to increase its working capital and financing the company’s operations.
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