• Successful IPO of the chemicals producer PCC Rokita SA in difficult market environment
• Successful placement of minority shareholding
• Capital increase completed
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Duisburg, on 26 June 2014. The multinational PCC Group with activities in chemicals, energy and logistics successfully introduced its portfolio company PCC Rokita to the Polish stock exchange. The chemicals producer based in Brzeg Dolny, which is Central and Eastern Europe’s largest manufacturer of polyols, placed a minority shareholding of existing shares on the stock exchange, and completed a capital increase at the same time. The capital increase comprised 1,588,264 shares priced at 33 Polish zloty each, or 52.4 million Polish zloty (some 12.6 million euros) in total. The minority shareholding comprised 1,389,731 shares priced at 33 Polish zloty each, or 45.9 million Polish zloty (some 11 million euros) in total. The total amount of 2,977,995 shares was sold in two tranches of 15% for private investors and 85% for institutional investors. The private investors’ tranche was strongly oversubscribed, due to which the subscriptions needed to be reduced by 76% at allocation.

“With its successful IPO in a rather volatile stock exchange environment, PCC Rokita once again demonstrated its attractiveness for investors in Poland”, says Wiesław Klimkowski, President of PCC Rokita’s bord of management.

“In the last few months, the situation on the primary market was difficult, which was experienced by a number of issuers. However, once again it turned out that the market is receptive for well-prepared offerings of reliable and transparent companies, which was reflected by the high oversubscription of the private investors’ tranche and the vivid interest of the institutional investors. Currently, the investors are looking for “certainties” that are likely to bring fair returns. Considering the common aversion to risk currently observed on the market, the IPO of PCC Rokita showed that a reliable and stable business model as well as good investor relations consistently built over years actually pay off”, said Tomasz Lalik, Director of the Investment Banking Department of BDM, the brokerage company conducting the public offer.

PCC Rokita’s long-term business strategy stipulates a strong expansion of the polyols/polyurethane business segment. The chemicals manufactured by PCC Rokita are used as starting materials in all major industries, including the plastics industry, manufacture of industrial and household chemicals, coolants, pharmaceuticals, the food industry, the construction, automotive, and textile industries as well as the mining industry.

“Through this IPO, PCC as a holding company demonstrated once again that it is possible to conduct exits successfully”, commented Waldemar Preussner, Chairman of the Administrative Board of PCC SE and founder of the group. The company is largely financed independently of banks and refinances its strategy mainly through the issue of corporate bonds.

PCC Rokita – a key player within the PCC Group
With sales of some 262 million euro and an operating result (EBITDA) of 30 million euro in fiscal 2013, PCC Rokita SA is the main source of revenues and earnings within the PCC Group. Following the successful stock exchange listings of PCC Intermodal S.A., the logistics company from Gdynia, in 2009, and of PCC Exol SA, the surfactant producer from Brzeg Dolny, in 2012, PCC Rokita SA from Brzeg Dolny is the third of PCC SE’s portfolio companies to conduct a public share offer at the Warsaw Stock Exchange (WSE).