Clothing debut on the stock exchange
Wpis dostępny jest także w języku: polski
Answear.com, Polish store with the headquarters in Kraków, debuted on the Warsaw Stock Exchange. On the day of the debut the shares of the company increased by almost 40%.
Good financial results
Answear.com is one of the biggest online clothing sales platforms, which operates on the market since 2011. Currently the company operates in seven countries in CEE region: Bulgaria, Czech Republic, Poland, Romania, Slovakia, Ukraine and Hungary. Poland is currently the largest market, but sales are geographically diversified and no market accounts for more than 30% of the company’s total revenue. It offers approximately 90,000 products from over 350 global brands.
In the last quarter of 2020, the company’s revenue increased by 37% to PLN 144 million. Compared to the financial results of 2019, this indicator improved by 31% to PLN 408 million. As Answear.com itself emphasizes, the last three years for the company have been revenue growth at an average annual level of about 46%. At the same time, 2019 was the first period ended with a positive operating result.
Increase in shares in the debut itself
The company debuted on the main market of the Warsaw Stock Exchange on Friday, January 8, 2021. The issue price on the day of going public was set at the level of 25 PLN, which means that the company will receive about 45 million PLN, and together with sold shares of the shareholders the value of the whole issue will exceed 80 million PLN. Answear.com offer met with a great interest of individual investors, therefore the reduction of this payment amounted to 96,6%. Already at the opening of the stock exchange, a share of the clothing company was valued at 29.9 PLN, that is almost 20% more than in the initial period.
The stock exchange debut is not the end of planned activities
Debut on the Stock Exchange is not the only plan of the company for this year. Answer.com plans to expand its sales market to two other countries this year – Russia and Kazakhstan. At a later stage, the company is interested in entering the markets in Croatia, Slovenia, Greece and the Baltic countries such as Lithuania, Latvia and Estonia. As it emphasizes, it can serve all these markets from its central warehouse, which means that there will be no need to invest in this area in the near future.