Poland's software firm TTMS plans IPO on Warsaw bourse

GDANSK (Reuters) -Polish software company Transition Technologies MS (TTMS) is planning an initial public offering on the Warsaw Stock Exchange in the coming weeks, the company said on Monday.

The offering, whose final terms will be announced after regulatory approval is received, will comprise solely of newly issued shares.

"Entering on WSE is one of the options to rise capital for growth of the TTMS group," CEO Sebastian Sokolowski said in a statement, adding that the company focuses on developing technologies including cybersecurity, big data, and cloud computing.

The company is yet another Polish firm to share its IPO plans, with convenience store Zabka Group and medtech firm MediSensonic also expected to debut on the Polish bourse.

TTMS has five subsidiaries - in Britain, Malaysia, India, Denmark, and Switzerland. TTMS is part of Transition Technologies group, which is one of the largest IT entities in Poland.

The company's annual adjusted EBITDA was 30.4 million zlotys ($7.74 million) in 2023, with revenue amounting to little over 217 million.

In the first half of 2024, adjusted core profit rose 2.3% on the year to 13.6 million zlotys.

The company has said that it plans to regularly pay dividends and intends to earmark at least half of the annual profit depending on the economic situation.

Last year the firm shared 12 million zlotys with its shareholders.

($1 = 3.9264 zlotys)

(Reporting by Mateusz Rabiega; Editing by Louise HeavensEditing by Bernadette Baum)

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