Ukrainian Westa ISIC sets IPO price at PLN 11.75
2011-05-31 12:45:27
Ukraine's largest storage battery manufacturer Westa ISIC has set the final IPO share price at PLN 11.75 per share vs. the maixiumum issue prcie at PLN 17.30, the company has said in a communique.
The company plans to issue to 11,033,333 shares and to obtain PLN 129.6mn gross.
The company intends to use the IPO proceeds to purchase new equipment, as well as to finance installation and infrastructure works for introduction of a new product line (VRLA AGM) with annual output of around 0.5mn conventional units. Another goal is the repayment of the most expensive part of the loan portfolio.
Westa ISIC is the largest storage battery manufacturer in Ukraine with a 31% market share and the largest storage battery importer in Russia, with a 12% market share.
In 2010, the company posted net profit of USD 33.97mn vs. loss of USD 23.29mn a year before, on sales of USD 154.31mn vs. USD 83.00mn, respectively.