KRUK raising PLN 215m for further business growth

KRUK has conducted an accelerated bookbuilding for 1m newly issued Series G shares at a price of PLN 215 per share, which will result in its raising PLN 215m. The issue proceeds will be used to finance further business growth of the KRUK Group, especially in Western Europe. The capital increase has been carried out as a private placement, without a prospectus. The decision on the issue was unanimously approved by the General Meeting held on November 29th 2016. The shares have been offered to both Polish and  international investors.

“We are going to apply the proceeds towards further business growth and to build the KRUK Group value. The capital will support us in strategic projects to expand the KRUK Group’s business on foreign markets, including acquisitions of other credit management firms,” says Piotr Krupa, President of the Management Board of KRUK S.A. “We conducted our IPO in 2011, raising PLN 44m through the issue of 1m shares to finance the further growth of the KRUK Group. Today, after five years of presence on the Warsaw Stock Exchange, we have been raising PLN 215m through the issue of 1m shares, which attracted strong investor interest both from Poland and abroad. Consequently, the capital increase has been carried out at a minimum discount of 4% to yesterday’s closing price, which is one of the best results in the WSE’s history. Our thanks go to investors for their longstanding trust and to our advisors in the process.”

KRUK has been listed on the WSE since May 10th 2011. The issue price in the initial public offering was PLN 39.70 per share, valuing the company at PLN 671m. Now, more than five years on, its value has reached PLN 4bn, with a shareholder base spanning Europe, North America and Asia.