The Murapol Group, one of the largest and most experienced residential developers in Poland, announced its majority shareholder’s intention to conduct an initial public offering of the Company’s shares. The Offering will be directed to retail and selected institutional investors in Poland and selected foreign institutional investors (outside the United States). The subject of the Offering will be only secondary shares. Murapol plans to seek admission and introduction of the Company’s shares to trading on the main market of the Warsaw Stock Exchange.
Nikodem Iskra, CEO of the Murapol Group, commented: “The Murapol Group has been building modern apartments on the Polish market for over 22 years and is one of the largest residential developers in the country in terms of sales levels, handovers and active landbank. I hope that both investors and the Warsaw Stock Exchange will find in Murapol an ambitious issuer with extensive competencies in the industry that deserves their attention and trust.
Our strategy and the business model, described as ‘Plug&Play’, have been developed over the years and are based primarily on the geographic diversification of our land bank and the concentration of all the competencies needed to execute development projects within the Murapol Group. The ‘Plug&Play’ business model allows us to flexibly scale up the business in various locations, both existing and new ones, with efficiency and cost controls.
I would like to emphasize that in recent years, we have demonstrated the effectiveness of our business model and ability to tailor our residential offer to the needs of Polish consumers, which has translated into stable operating results even during unfavourable economic conditions. In 2022, a period of high-interest rates and a significant decline in sales of apartments among WSE-listed developers, the Murapol Group achieved steady sales, thus proving its professionalism and resilience to market turbulence while generating stable financial results.
We offer investors exposure to a competitive business operating in the most absorptive segment of the residential market, and the business model that has been proven and tested over the years. Assessing the potential of the Polish residential real estate market and the country’s housing policy, we are confident that we have powerful foundations and strengths to continue growth.”
In the Offering, the majority shareholder of Murapol S.A. (the “Company”), AEREF V PL Investment S.à r.l. (the “Selling Shareholder”), an entity owned by funds managed by the Real Estate Group of Ares Management (“Ares”), a leading global alternative asset manager, intends to sell shares in the Company representing up to 25 percent of the Company’s share capital.
If the Selling Shareholder, after consultation with the Joint Global Coordinators, considers the investor demand to be satisfactory, it may increase the number of offer shares, but in no event will the Offering include more than 35 percent of the Company’s share capital.
The Offering will consist solely of the sale of the Company’s existing shares.
The shares will be offered in a public offering conducted under the Polish prospectus of the Company (the “Prospectus”) exclusively in Poland, directed to Polish retail and selected institutional investors.
The shares may also be offered to certain institutional investors outside of the United States of America and Poland, under Regulation S under the U.S. Securities Act of 1933, as amended.
The Company’s Management Board and certain members of the Supervisory Board have declared that they intend to acquire shares in the Offering. In particular, Maciej Dyjas and Nebil Şenman, through their jointly controlled entity Hampont, will acquire shares constituting approximately 5 percent of the Company’s share capital in total.
The detailed terms and conditions of the Offering will be presented in the Prospectus, which will be published under relevant EU and Polish regulations after approval by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego).
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