Rex Concepts, a quick-service restaurant operator, saw its shares decline around 3% on Thursday during its market debut on the Warsaw Stock Exchange, marking the first initial public offering (IPO) on the exchange this year.
The company priced its shares at 14 zlotys each in the IPO, raising approximately 448 million zlotys ($124 million) through the issuance of 32 million new shares. In addition, selling shareholder Rex Invest CEE offloaded 3.55 million existing shares, bringing the total value of the offering to nearly 498 million zlotys.
Despite the capital raised, Rex Concepts’ shares opened at 13.6 zlotys, valuing the company at around 1.3 billion zlotys at debut.
Based in Wroclaw, Rex Concepts operates as the master franchisee for Burger King and Popeyes in Poland, the Czech Republic, and Romania.
The company said proceeds from the listing will be used to support its business expansion strategy, including potential consolidation in Central and Eastern Europe and the possible introduction of new quick-service restaurant brands.
Of the total 35.55 million shares sold in the offering, 1.2 million were allocated to retail investors, while 34.35 million were taken up by institutional investors.